Independent wealth management group KW Wealth has agreed to acquire the East Yorkshire based IFA firm, Marchant McKechnie.

The acquisition will bring added annual revenue of over £1.4m to KW Wealth.
 
KW says the strategic acquisition is another step towards achieving its ambition of becoming a leader in the UK wealth management market, following the rebrand from European Wealth in September.
 
Marchant McKechnie will continue to operate from its existing office in Beverley, East Yorkshire, becoming KW Wealth’s seventh regional office in the UK, after London, Manchester, Cheltenham, Maidstone, Brighton and Worcester.

Marchant McKechnie offers a number of services including personal and company pensions, investments, and tax planning.

The company serves around 700 clients and has about £200m of assets under advice.

The combined group will have over £2bn of assets, 20 financial advisors and more than 4,000 active clients.
 
Marianne Ismail, CEO of KW Wealth, said: “Marchant McKechnie is a strong addition to the group as we look to build a new national brand in the UK wealth market.

“The business shares our commitment to delivering high levels of customer service to clients over the long-term.
 
“The UK wealth market is excessively fragmented, and we believe that there is a substantial market opportunity to build a national brand for quality, independent wealth planning advice and investment management.
 
“The rebranding of European Wealth to KW Wealth and the acquisition of Marchant McKechnie are first steps.

“Our objective is to grow both organically and dynamically by acquisition in the UK and US, and we are actively looking at opportunities in both countries.

“The group has a strong and scalable operating platform with the capacity to support incremental revenue and earnings growth from future acquisitions, delivering improved profitability for the group as a whole.”
 
Neil McKechnie, founder of Marchant McKechnie, added: “I am delighted that in KW Wealth we have found an owner who shares our philosophy of working in a way that is always centred on what is right for the client.”