Private equity backed MKC Wealth has purchased Dartford-based Gibson Lamb and Macclesfield-based Mulberry Financial for undisclosed sums.
MKC Wealth was launched in 2021 by former Quilter executives Nigel Speirs and Dominic Rose and is backed by private equity firm Cabot Square Capital.
Gibson Lamb was founded in 1973 and has been led by the founder’s son, Dave Lamb, for 31 years.
Lamb has decided to leave the industry and enter into a different sector, he will stay on for a brief period of transition, the firm revealed.
Two client support staff have joined MKC Wealth’s London office in an administrative capacity as a result of the deal with Gibson Lamb.
Mulberry Financial has been led by Gary Lee since 2007, who has also decided to leave the industry.
The firm’s clients will be supported by MKC’s financial planners following a hand-over period.
Dominic Rose, chief executive of MKC Wealth, said: “MKC Wealth continues to grow both organically and by merger and acquisition. What matters in scenarios like this is that clients turn around at the end of a transition period and thank their former adviser for the way in which the relationship has been transferred to MKC Wealth.
“Our responsibility is to delight the clients who trust us to look after them and in doing so we ensure that business owners can enjoy their next chapter in the knowledge their clients are in safe hands.”
Lamb added: “In addition to the customer service, cutting edge IT and client reporting processes that have been the priority for Gibson Lamb, our emphasis on green and environmental-backed investing led us to strike a deal with MKC Wealth.”
Lee commented: “When we decided to retire from the industry, it was really important that our clients were not left in the lurch. We spoke with a number of people who had gone through this process with MKC Wealth before and they were really happy with how it had worked. This was important as it demonstrates that MKC Wealth delivered on its promises.”
Earlier this year (February) MKC Wealth purchased London-based financial planning firm Wealth for Women.
Founded by Mary Waring, Wealth for Women specialised in offering financial advice to women going through divorce.
MKC Wealth had said the firm would sit under its new brand MKC Wealth for Women which it planned to grow as well as train financial planners in this area.
alina.khan@ft.com