Private equity backed Absolute Financial Group has received FCA approval to complete its first acquisition.
The newly launched consolidator Absolute Financial Group has finalised the purchase of Absolute Financial Management Ltd in Ashford, Kent, today (1 December).
Absolute, which only launched in August, is aiming to build the UK’s leading independent financial planning business.
It said this first acquisition will provide a platform to scale across the country as the it begins with £1.1bn AUM servicing 4,500 clients across the South East.
All members of the AFM management team, together with the financial advisers and administrative staff, will remain with the business upon completion.
David Carter, CEO of Absolute Financial Group, said: “I look forward to working with the existing management team at Absolute as we begin to grow a national presence.
“Retaining the experienced team is vital to maintaining continuity for clients and driving the next stage of the company’s development.
“We are extremely pleased with how our proposition has been received in the marketplace and this has created a strong pipeline of future acquisition opportunities.”
Mark Eaton, on behalf of AFM management team, said: “This is an exciting milestone for Absolute and a significant step forward in enabling us to further strengthen the support and services we provide to our clients.
“I’m pleased that the Absolute name will continue long into the future as the business expands nationwide, serving as the central platform for future acquisitions and continuing the brand we have proudly built over the past 20 years.”
