Acquisitive wealth management group Fairstone has invested in Dudley-based Prosperity Wealth in a move it hopes will lead to more business in the West Midlands.
The North East-based firm has made the investment as part of its downstream buyout programme, which allows it to invest in a firm prior to a full acquisition. Fairstone says the deal will create a 'West Midlands Hub' from which is hopes to attract other independent financial advisory practices to join its ranks.
Prosperity Wealth is led by managing director Matt Bell and employs 63 advisers and 23 operational staff, who together support 5,000 clients with £1.5bn in assets under management. Lee Hartley, Fairstone CEO, said: "It is a pleasure to welcome the Prosperity team to the Fairstone Group. Over the last 13 years the team has developed a hugely successful business in a geography that strategically, Fairstone has been keen to target.
