Leeds champion The Private Office (TPO) has acquired financial planning firm John Lamb Wealth Management, taking its assets under management to £1.3 billion.
The purchase is the third London acquisition for the firm following the purchase of SRLV Accountants earlier this year and discretionary manager PQR in 2016.
The deal, for an undisclosed figure, will boost annual turnover to approximately £12 million, with plans to increase this to £50 million over the next ‘five to seven years’.
Chief executive of TPO and former Wealth Manager coverstar Stuart Phillips said the deal provided a ‘platform for further natural growth’.
He added: ‘Our current focus is to grow TPO organically through the quality of our wealth management advice and lead generation, but we are open to discussions with independent firms if there is a good fit, professionally and culturally,’ he said.
The 11-strong John Lamb Wealth Management team, led by managing partner Paula Steele, will move into TPO’s London office, which opened in 2013, taking the total number of advisers to 17 in addition to two trainees.