By Momodou Musa Touray 5th August 2021 4:17 pm
Tenet has acquired Yorkshire-based wealth management company Astute Financial Advisers.
The deal is part of Tenet’s growth strategy as it expands its advice arm Tenet&You.
The acquisition adds more than £100m in assets under management.
Astute Financial Advisers will continue to trade under its own brand as a subsidiary of Tenet&You.
Astute’s directors, Chris Hawkins and Marshall Bickler, will remain as advisers to assist in the ongoing development of the business.
Astute has been a longstanding member of the Tenet Network Services and the sale has been made as part of the directors’ succession planning.
Tenet&You managing director Helen Ball said: “This acquisition offered a great opportunity to grow our business by adding two quality advisers to our team as well as a further £100m+ of assets under management.”
Astute Directors Chris Hawkins and Marshall Bickler added: “Tenet have been our network partner for over 20 years, so it was a logical decision and fit for both our clients and business. The buyout will enable us to focus entirely on helping our clients achieve their lifetime aspirations. We now have the security, resources and backing of Tenet to enable us to continue to grow whilst providing a good long-term advice proposition for our clients.”
Earlier in the week Life Insurance broker Protect Line walked away from the Tenet network to become directly authorised.
The exit sparked concern among some advisers about Tenet’s position.
By Momodou Musa Touray 5th August 2021 4:17 pm