An independent financial practice has been bought by listed giant Aviva for £385 million.
Succession Wealth, which is headquartered in Birmingham city centre, offers wealth management and advisory services such as pensions and retirement planning, employing 200 planners and serving 19,000 UK clients.
Aviva, which sells financial products such as insurance, investments and savings, said the deal would significantly enhance its presence in the fast-growing UK wealth market as more people sought advice for their retirement and savings options.
Succession Wealth will continue to operate as a separately regulated, independent advisory practice and will retain its brand.
The buyout is subject to regulatory approval and is expected to complete in the second half of this year.
Succession Wealth was originally launched in Plymouth in 2008 by co-founders Paul Morrish and the late Simon Chamberlain before relocating its head office to Church Street in Birmingham's business district in 2019.
Since its inception, it has carried out 60 acquisitions and now employs staff at offices across the UK including in Rugby, Edinburgh, Chester and Plymouth where it retains a base following the move two years ago.
Group chief executive James Stevenson said: "We are delighted to become part of Aviva and to offer our independent financial planning capability to its customers who don't have an adviser.
"The demand for financial advice across the entire wealth spectrum has never been greater and the opportunity to combine Succession Wealth's holistic financial planning expertise with the capabilities and customer reach of Aviva is hugely exciting.
"Our brand and core independent advice proposition is fundamental in providing ongoing stability and reassurance to our existing clients and our people as we embark on this new journey as part of Aviva."
Aviva's group chief executive Amanda Blanc added: "The acquisition of Succession Wealth boosts Aviva's presence in the fast-growing UK wealth market, supports our strategy to grow sustainably and expands Aviva's ability to offer high quality financial advice to millions of our customers."
