MKC Wealth - which acquired the advice arm of the troubled Lighthouse group from Quilter last year - has acquired veteran London IFA Anthony, Bryant & Company for an undisclosed sum.

Anthony, Bryant & Company is based in central London and advises 126 families on £70m in assets.

MKC Wealth is a wealth management firm backed by private equity firm Cabot Square Capital, which owns a number of businesses including Key Retirement Solutions.

MKC made the headlines last year when it bought Lighthouse Carrwood, the advice arm of Lighthouse Group. It continues to look for further acquisitions.

Financial adviser Lighthouse was acquired by Quilter in 2019 but has had to make provision for about £15m for redress due to unsuitable advice given by Lighthouse advisers on BSPS pension transfers. The transfers occurred prior to Lighthouse’s acquisition by Quilter.

Anthony, Bryant & Company was founded by industry veteran Tony Ahearne nearly 45 years ago. Under the deal Mr Ahearne will join MKC Wealth in an “ambassadorial” role but will continue to conduct face to face meetings during the handover period.  

Mr Ahearne’s colleague Joanne Birch, who has 27 years of experience, will join MKC to provide continuity of back-office functions.

Dominic Rose, CEO of MKC Wealth, said: “We are delighted that Tony has chosen MKC Wealth to advise his clients. We have known Tony for a while and share the same values - namely putting clients at the heart of our businesses. We will continue to acquire selectively where opportunities exist and there is a close cultural fit.

"People like Tony have built-up an immense trust with clients. Taking over these relationships is a significant responsibility. We want the clients to be delighted with our service and for them, thank Tony for a carefully planned and well delivered succession plan.”

Mr Rose said MKC was ahead of its development plans with assets approaching £1bn. He said the firm had delivered on a promise to all staff to enable them all to become shareholders in the business. Staff salaries, including the CEO, are also “explicitly linked” to client feedback to ensure a focus on service.

Mr Ahearne said: "In a long career in the industry I have built relationships with clients who have become very good friends. I am proud that all new business has come from recommendations of existing clients and in many cases I am now advising the children and other relatives of these friends. 

“It is my view and experience that the trust between client and adviser is paramount. As I begin the next chapter of  my life, I am delighted to introduce my clients to the MKC Wealth team and I have absolute confidence that they will be very well looked after."

Freddie Athill, investment director at Cabot Square Capital, said: “This is exactly the type of deal we are backing MKC Wealth to make. We believe in total and long term commitment to clients, particularly ones that have been nurtured and looked after so well by Tony and his colleagues over so very many years.”