Fast growing wealth manager and Financial Planner Advanta Solutions, owner of Chartered Financial Planner Advanta Wealth, has acquired London Financial Planner firm Penney, Ruddy & Winter (PRW).

The deal, for an undisclosed sum, will add £240m in AUM to Advanta.

The takeover, Advanta’s first of 2024, is the firm’s eighth acquisition. 

PRW, also a Chartered Financial Planner firm, is based in the City of London. It was established in 2012 and has been directly authorised since 2015.

In a statement, Peter Ruddy and David Penney, directors and co-owners of PRW, said: “Becoming part of the Advanta family enables us to continue to grow the business that has its origins over 50 years ago, when Peter first started out as an IFA.

“We have built up a base of fantastic clients, many of whom have become personal friends, making it essential for us to find the right company to partner with. It is paramount that our clients are protected for the longer term and for the next evolution of PRW.

“We believe that Advanta is the right company for our clients, staff and for both of us. Advanta will help to develop and enhance the advice and service levels we offer our clients and provide the resources to help grow the business to the next level”.

Craig Webster, CEO of Advanta, said: “Adding a City of London office to our London footprint enhances our ability to service our growing client base and the firms we work with in the City so we are delighted that Penney, Ruddy & Winter has decided to become part of the Advanta team and that David and Peter, their clients, and staff are joining us. David and Peter have built a fantastic reputation with their clients, and we look forward to working with them on the next phase of their journey. 

Mr Webster added: “Clients are, quite rightly, demanding more from the firms they trust their Financial Planning to. With both Advanta Wealth and Penney Ruddy & Winter being Chartered firms, we are firmly focused on our clients by providing insight and understanding married with service, experience and qualifications. Raising the standards of advice and service is central to our strategy of creating a professional environment for our clients.”

Advanta Wealth was formed in 2012 by current CEO Craig Webster. The firm says the latest deal and acquisitions in the pipeline will push client assets to over £2bn soon.

Advanta has offices in London, Glasgow and Dundee and the group of companies includes Advanta Wealth, Advanta Mortgages and Advanta Risk.

Advanta says it is actively seeking further acquisitions after securing “significant investment” from its private equity partner Beech Tree Private Equity.