National financial adviser firm Adviser Services Holdings Ltd (ASHL) has struck a deal to sell its LYNC Wealth Management arm to an affiliate of platform and wealth manager 7IM group.

It’s the second sell off in seven days for ASHL which last week sold its MPS provider Rockhold Asset Management, also to 7IM.

ASHL was launched in 2020 and has built independent and restricted advice networks, Sense and Lyncombe respectively to more than 450 advisers with about £9bn of assets under advice.

The cost of the deal, which is subject to regulatory approval, has not been disclosed.

LYNC employs about 60 staff including 28 advisers working for the LYNC firms that form part of the deal.

In 2023, ASHL started to acquire financial advice firms under the LYNC Wealth Management umbrella. ASHL said the LYNC offering provided an exit route for adviser firms who wish to step back from ownership while remaining involved in the business, or for advisers planning retirement.

So far LYNC has bought seven nationwide firms that collectively manage £500m of assets under advice and says it plans to acquire up to an additional seven firms in the coming months.

ASHL says the sale to 7IM group marks “the next chapter” for LYNC.

ASHL says to maintain continuity, LYNC will become an appointed representative of the Lyncombe network, which will remain under ASHL Group ownership. LYNC will also retain the current leadership team.

ASHL says the deal will enable it to focus on its “core mission” of supporting advice firms within its networks.

For LYNC, the partnership will bring resources, including sector expertise, access to technology and new investment opportunities, ASHL says.

Michael Couzens, CEO of ASHL, said: “This transaction marks a significant milestone for ASHL, enabling us to build on our success in supporting financial advisory businesses across the UK, which has served us so well since our earliest days.

“With the financial backing of the wider 7IM group, LYNC Wealth Management is poised for further growth through acquisitions and partnerships with financial advisory firms across the UK. We are excited for the future and look forward to ASHL’s continued partnership with LYNC Wealth Management as it enters this new phase.”