Private-equity backed wealth manager MKC Wealth has acquired Genius Wealth Management of Cheshire for an undisclosed sum.

MKC has been on the acquisition trail this year and in March acquired veteran London IFA Anthony, Bryant & Company.

The firm also acquired the advice arm of the troubled Lighthouse group from Quilter last year.

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

Northwich-based Genius has £150m of assets under management and provides advice to 300 private clients. 

As part of the deal Genius MD Iain Crawford, joins MKC Wealth in an “ambassadorial role” as he moves into retirement.

Toni Haynes, chief operating officer, joins MKC as senior compliance and operations manager along with two Chartered advisers and six support staff. The team will be based at MKC Wealth’s Stockport office and the business will operate under the MKC brand.

Dominic Rose, CEO of MKC Wealth, said: “In keeping with our strategy of building a quality wealth management business we are completing selective acquisitions, particularly where it is clear that we can be "the safe pair of hands" that retiring principals want to look after clients.

“There is such a strong cultural alignment between the Genius and MKC teams. I am delighted that the whole team has joined us meaning we have been able to facilitate the retirement of the business owner whilst giving the rest of the team the opportunity to thrive with us for the long term.

"We are ahead of our initial plans and now have over £1bn of assets under advice. More importantly all our staff, including the Genius team, are rewarded directly based on feedback from our clients and have also become shareholders in the business we are building together.”