Chartered Financial Planning firm The Private Office has received FCA change of control approval following a minority investment from Goldman Sachs Alternatives.
Goldman Sachs announced it was taking a stake in the firm in January.
The Private Office said the investment comes alongside a significant reinvestment by TPO’s management team, led by CEO Stuart Phillips, and will allow for future growth and development of the business.
The deal will also see Kurt Rive and Sarah Mackinnon from Goldman Sachs joining the Private Office board, alongside colleagues from the wider Goldman Sachs team.
Mr Phillips said: “This is an important step in our continued evolution. Our focus remains clear: delivering high-quality, independent, planning-led advice to our clients.
“With the support of Goldman Sachs, we are well-positioned to build on these strong foundations and further enhance our offering as we continue to grow our Chartered Financial Planning firm.”
He said expansion will continue to be supported by a growing network of financial advisers.
Founded in Leeds in 2008, The Private Office is one of the largest independently owned Chartered financial advice firms in the UK. It has 181 staff, including 53 advisers. All of the advisers are shareholders in the business.
It manages more than £3bn in client funds on behalf of over 5,000 individuals, businesses, charities and trusts from offices in London, Leeds and Bath.
The firm has grown primarily organically but acquired Leeds-based Financial Planning firm HEB Wealth, for an undisclosed amount, last month.
The deal was the firm’s first acquisition in seven years.
Goldman Sachs Alternatives is part of Goldman Sachs Asset Management and holds $625bn in assets. Goldman has previously looked into taking stakes in advice-focused firms, having previously been rumoured as one of several potential buyers for platform Nucleus.