Financial Planning-focused national adviser Foster Denovo has acquired East Midlands financial adviser firm 80Twenty.

The deal is Foster Denovo’s fifth in the past year and will add £500m in AUM/A, a 13th UK office and the first base in the East Midlands.

The price paid for the acquisition of the Lockington, Leicestershire, firm has not been disclosed.

As part of the acquisition four advisers – Neil Welbury, Jackie Worby, David Catterall and Stuart Annable, along with six support staff, will join Foster Denovo.

80Twenty has about 120 private clients, including a number of high-profile corporate clients, according to Foster Denovo.

Foster Denovo chief executive Roger Brosch said: “We’re delighted to welcome Neil, Jackie, David and their fabulous team to Foster Denovo. As we’ve got to know each other over the course of this transaction, it’s clear we share an excitement for what a combined future holds.

“Cultural and propositional fit is critical for us and we know the 80Twenty team shares our values and sees the world as we do. We look forward to prospering together as we grow.”

80Twenty executive director Neil Welbury said: “80Twenty advises high net worth, financially astute individuals, so any chosen partner had to be able to add value to that dynamic. We are also retained by a number of large corporate clients, and so understanding how that advice process works was also key."

A month ago Foster Denovo acquired Rosemount Asset Management in Glasgow to establish an office in Scotland. The group earlier acquired Punter Southall’s corporate advisory arm, preceded by the acquisition of wealth managers Wade Financial in Newcastle and Creative Financial Solutions in Hampshire.