Wealth manager expands with 'largest acquisition'

A national wealth management firm has expanded with an acquisition.

Fairstone has bought Prosperity Wealth.

Bosses say the move for the Brierley Hill-based operator has created a West Midlands hub office that will drive expansion in a “key growth region”.

They add the deal marks Fairstone’s largest acquisition to date.

Founded in 2010, Prosperity Wealth provides wealth management, cashflow planning, corporate financial planning and employee benefits support to more than 5000 clients, and has assets under management of £1.5 billion.

The acquisition comes after the business joined Sunderland-headquartered Fairstone’s downstream buyout programme, which allows business owners to work with the company and grow operations while planning for a sale at a future date.

Mike Slater, managing director of Fairstone’s central region, said: “Prosperity Wealth’s status and influence in the region made it an obvious choice to become our hub for the West Midlands.

“With the West Midlands having one of the country’s highest rates of new business formation and a rising population of entrepreneurs, business owners and senior professionals, the need for trusted, chartered, independent financial advice has never been greater.”

Matt Bell, Prosperity Wealth head of office, added: “We wanted to join Fairstone because it offers the opportunity to create a real step-change in growth, while remaining a trusted source of independent financial advice.

“Since we first partnered with Fairstone, we’ve really benefited from the excellent support we’ve received and the business has grown substantially.”

Fairstone has offices across England, Scotland, Wales and Northern Ireland.

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