IFA firm Wren Sterling has agreed to purchase Frobisher Capital Ltd, an independent advisory firm based in Woking.

Wren Sterling has two advisers. John Westlake will retire following a short handover with Wren Sterling and Murray Peterman has joined Wren Sterling on a full-time basis.

The deal adds £68m to Wren Sterling’s assets under advice.

It is the fifth acquisition made by Wren Sterling in the past four years.

The price paid for the acquisition was not disclosed.

Ian Halley, Wren Sterling’s CEO, said: “John and Murray have built a great business with a loyal client bank, so I’m delighted to welcome their clients to Wren Sterling. John deserves his retirement after many years of guiding clients through the biggest financial decisions they will make and I know that our service will provide continuity and expertise for them and their families.”

“This is our fifth acquisition and it fits with our strategy of growing the business organically whilst augmenting this approach with the purchase of businesses with high quality assets.”