Foster Denovo has acquired Tyneside-based Shaun Carr Financial Services for an undisclosed sum, boosting its wealth management division in the north east.
In recent years the firm has acquired a number of employee benefits and wealth management business across the UK, including Punter Southall Aspire, 80Twenty Consultancy, Verum Wealth and Wade Financial. It also operates the employee benefits consulting division Secondsight.
The chief executive Roger Brosch said the firm would be looking at further acquisitions this year. In total Foster Denovo says it has compiled 26 internal practice buy-outs and it now operates 13 offices across the UK.
The group is also currently taking part on a major technology project, called Symphony, to embed agentic AI across its day-to-day operations, freeing its teams to spend more time working with clients.
As a result of this latest acquisition, Shaun Carr will be a senior partner in the firm, bring with him £53m in assets under advice. He said the decision to become part of the larger company was based on the positive experience feedback from those working at Wade Financial, another North East adviser.
Foster Denovo chief executive officer Roger Brosch says: “The people in the businesses which become part of Foster Denovo are proof of what we are creating. That word of mouth endorsement of our approach, in placing cultural fit above all else, really hits home.”