Close Brother’s Asset Management (CBAM) has acquired independent wealth management and financial planning firm PMN Financial Management for an undisclosed amount.
The acquisition will see all PMN partners, advisers and support team join CBAM.
The deal is expected to expand CBAM’s regional presence along the Surrey and Hampshire border, given PMN currently runs out of its office in Farnham, Surrey.
It comes amid expectations that consolidation and growth will accelerate in the wealth management space. In June, Rathbones announced it would be acquiring Saunderson House for £150m, in a move that catapulted the firm to third largest wealth manager in the UK.
PMN was founded in 1992 and currently manages £300m in assets for high net-worth families. A press release announcing the deal said it will extend research capabilities, expertise, scale, and wider investment management strategies to its clients.
CBAM chief executive Martin Andrew said: “Not only is PMN a highly successful and trusted provider, but crucially, the business has deep cultural synergies with CBAM. Our success is built on our dedication to put clients at the centre of everything we do and PMN shares that commitment and focus.”
He added: “I am delighted to welcome PMN to the CBAM family, an acquisition which further underlines the fact that we are a dynamic and growing business.
“I know that the team will hit the ground running and be a real asset to the wider CBAM team.”
CBAM operates from London, Bristol, Chester, Manchester, Gatwick, Farnham, Newcastle, the Midlands, Northwich, Edinburgh and Glasgow.
Last month, CBAM hired Rob Crawshaw from Rathbones, in a move to further extend its high net-worth strategy.
In 2019, Tim West joined the manager from Rathbones, following the hires of Andrew Hess, Christopher Godfrey-Faussett, Helen Gerrard and Nick Jackson.
