Wealth manager Fairstone, which incorporates a major Chartered Financial Planning business, has fully acquired East Midlands-based Sterling Asset Management, adding 1,000 new clients.

The deal, for an undisclosed sum, was completed using Fairstone’s progressive acquisition model which sees adviser firms gradually integrated with the group over a 2-3 year period.

Sterling Asset Management is a whole-of-market advice firm based in Leicestershire. It specialises in financial advice and investment and retirement portfolios. It has four directors, Simon Knighton, Mark Houldey, Andrew Rastrick and David Hindle.

Fairstone says the deal adds an additional 1,000 clients, Sterling’s four advisers and three support staff as well as funds under management of over £100m.

Sterling Asset Management director Simon Knighton said he hoped the acquisition would enable his advisers to spend more time with clients.

He said: “The merger with Fairstone is part of our long-term commitment to clients and we are very excited about the future.”

Lee Hartley, CEO of Fairstone, said: “Sterling share our core values of putting clients at the heart of everything we do, making them an excellent fit and we have worked closely with the team throughout the integration phase.”

Fairstone is based in Newcastle and operates from 42 offices in the UK. It advises on £11bn in Funds Under Management for 34,000 wealth clients.