Fast growing national Financial Planning firm Perspective Financial Group has a new lead private equity investor, Charlesbank Capital Partners.

Charlesbank will succeed current private equity investor CBPE Capital LLP.

The Perspective management team will remain shareholders alongside Charlesbank, a US-based private equity firm based in Boston.

CBPE invested in the Financial Planning firm in 2019, with Perspective having used much of the funding to complete over 45 acquisitions, all of which have now been fully integrated into the group.

Ian Wilkinson, CEO at Perspective, said the firm considered a number of potential investors before choosing Charlesbank.

He said: “Charlesbank’s excellent track record of partnering with similar businesses and providing strategic resources and financial support will enable us to further accelerate the pace and scale of our growth journey.

“Our vision will see our footprint expand to over 100 offices and at least 1,500 staff, making us one of the largest whole-of-market IFAs in the UK.

"There will be no changes to the way in which our clients are serviced or charged as result of this transaction and we firmly believe that our greater scale and resources will result in both an overall reduction in the TER’s (total expense ratios) paid by our clients and an enhanced client experience.”

Founded in 2008, Perspective has £8bn in assets under advice and provides comprehensive Financial Planning services, as well as investment management services through its Cambridge affiliate.

The firm has over 140 financial advisers, 500 employees and 40 offices across the UK.

Perspective, based in Chorley, Lancashire, made 22 acquisitions in 2023 bringing the total to 80 since it was founded and trebling its size in the last five years.

The firm completed two more acquisitions shortly before Christmas, adding £190m AUM to the firm. It acquired £135m AUM Colchester-based Park Lane Independent Financial Advisers Ltd which has 300 households as clients. It also added the £55m AUM client banks of former Fairstone Financial Management colleagues Simon McGechie and Paul Adams, bringing in 265 clients.

David Katz, managing director at Charlesbank, said: “Complementing the group’s ethical, client-centric culture, their differentiated centralised services and technology have made Perspective a terrific home for advisers and the IFA acquirer of choice, as evidenced by the numerous acquisitions they have successfully completed to date.

“We feel extremely privileged to partner with Ian and the talented Perspective management team. We look forward to working with them to continue to grow the group and cement Perspective as the UK’s premier independent provider of financial planning and investment management services.”

Perspective did not reveal the terms of the transaction, which remain subject to FCA approval.

Paul Hogarth, CEO of Tatton Asset Management is one of the original backers of Perspective, said: "Congratulations to the Perspective team on welcoming Charlesbank Capital Partners as their new lead investor. From the outset, I believed in the team's vision and backed them, a decision that continues to reward all those involved, including Tatton.

“Consolidation not only streamlines operations and enhances technology use but also highlights the value of IFAs and founders' businesses, facilitating liquidity events and encouraging new market entrants."