Bath-based Chartered Financial Planner Fidelius has acquired a non-controlling holding in Vobis Ltd, a London Financial Planning business specialising in high-net-worth clients.

Vobis has more than £140m in assets under management and a top 60 accountancy practice joint venture which provides client referrals and a diversified client base.

Richard Stott, chief executive, who has led Vobis since 2019, will continue in his role as CEO to grow the business post completion.

He said: “Vobis is ready to expand, and we recognised that the business would benefit greatly from a partner like Fidelius to invest in our capabilities and infrastructure and help us move to the next phase of growth.

“We very much see the partnership with Fidelius providing Vobis the platform to enhance our service proposition and provide the economies of scale for us to realise our growth ambitions.”

Fidelius said the deal will allow it to support the growth ambitions of Vobis through a partnership improving productivity and technological efficiency.

Duncan McKillop, director of corporate growth at Fidelius, said: "Vobis exemplifies the type of IFA business we aim to collaborate with through our Home for Growth model. Combining our resources with their drive and capability, we look forward to a promising future."

In February Fidelius rebranded while revealing ambitious expansion plans, the result of attracting significant investment from Swedish wealth manager Sӧderberg & Partners last year.

Fidelius said it aims to double its assets under management by 2029 and expand into a top 20 IFA by size.

Ian Fowler, chief executive at Fidelius, said: “We see incredible potential in Vobis and we are delighted to have been able to partner with such a strong business. We see the opportunity for significant growth in this space with the right support and investment.

“The Leeds office also provides us with a valuable base on which to continue to build our national coverage, especially along the M62 corridor.”

Fidelius, which launched in 1998, has been on the expansion trail in recent years. In 2020 it acquired two Financial Planning businesses from Pacific Asset Management (PAM) in a swap deal. PAM’s Financial Planning firms Chartered Financial Management and Zen Wealth LLP became part of the Fidelius Group.

In 2021 International wealth manager deVere Group set up a “strategic partnership” with Fidelius to serve expats returning to the UK. A new brand called Fidelius deVere was launched to provide bespoke Financial Planning to returning expat clients.

In November 2022 Fidelius moved into new headquarters at a landmark office building at No 1, Bath Quays, Bath.

Fidelius Group has £1.75bn under advice and 170 employees based at its offices in Bath, Chelmsford, Cheltenham, Mansfield and London.