The acquisitive St Albans-based Chartered Financial Planner Lumin Wealth has acquired South East financial adviser Ashridge Financial Management – its third takeover in two years.

Lumin says the deal, for an undisclosed sum, adds £85m of assets to the group and increases total assets under management to over £860 million.

The three staff members at Ashridge, including MD Gary Treen, will join Lumin as part of the deal.

Earlier this year Lumin acquired Hertfordshire-based financial adviser Enhance Wealth Management.

It acquired Hertfordshire IFA firm Chamberlain Stean and West in 2021 and London Financial Planner Everett MacLeod in 2020.

Last year St Albans-based Lumin merged with the Swiss financial services provider VZ Group to boost investment and acquisition activity in the UK.

Lumin, a Chartered Financial Planning firm and discretionary fund manager, has offices in St Albans and London and says it is providing an alternative to private equity acquisition. The firm also recently launched a new Adviser Academy to train future planners.

Gary Treen, managing director of Ashridge Financial Management, said: “I am very pleased to be teaming up with such a forward-thinking firm, where an emphasis is placed on delivering a quality client experience at all times.

“This deal will enable me to concentrate on delivering financial advice, while taking a step back from the daily administration that running a smaller regulated firm entails. I look forward to working with the Lumin team as we embark on this exciting new journey together.”

Martin Cotter, managing director of Lumin Group, said: “We are delighted to be able to work with an adviser of Gary Treen’s experience and quality, providing him and his team with a platform to continue to deliver quality financial advice to clients, while Lumin takes on the efficient administration of his business.

“This partnership further enhances Lumin’s ability to offer expert advice to a wider audience in line with our expansion plans.”