South Tyneside wealth manager Fairstone has acquired a Surrey-based business, adding more than £450m in funds under management to the group.
The Boldon business has snapped up Epsom-based Mantle Financial Planning, a deal which CEO Lee Hartley said boosts the group’s strategic growth plans and geographic footprint. Principals Colin Caulfield and Clive Shaw said they joined Fairstone to get support in dealing with the growing difficulties of being a medium-sized operation directly regulated by the FCA.
The company specialises in financial planning for high-net-worth individuals in one of the country’s most affluent counties and the acquisition brings 11 advisers and 16 staff into the group, as well as more than 2,000 clients. Mantle joined Fairstone’s Downstream Buy Out (DBO) acquisition model in June 2020. Since then the business has used Fairstone’s support services to grow to deliver a 7% increase in client numbers and a 20% increase in new business revenue growth.
