Close Brothers Asset Management (CBAM) has acquired financial planning firm Eos Wealth Management for an undisclosed amount.
The acquisition of the London-based company, which is subject to regulatory approval, will move all 28 Eos employees to Close Brothers.
Eos was founded in 2010 by Sean Scahill and Peter Kelsey and has advised assets of over £ 300 million. Once the purchase is complete, Eos will operate under the Close Brothers brand.
The acquisition is the first in some time for Close Brothers, who last took over the Edinburgh consulting firm Mackay Stewart & Brown in April 2015.
“I am delighted to announce the acquisition of Eos Wealth Management, a company that is fully in line with our values,” said Andy Cumming, Head of Advisory Services to CBAM (pictured).
‘Eos is fully customer focused, chartered and has strong professional connections. The top-class and ambitious team of advisors will perfectly complement our integrated wealth management offering and strengthen our presence in London. ‘
Scahill and Kelsey were former Directors of Optimal Wealth Management.
Optimal WM was acquired by Conforto Financial Management for £ 3.1m in 2010. Six months after this acquisition, Optimal WM joined the administration.
Kelsey said, ‘It was really important for us to find a buyer who is focused on our customers’ interests.
‘Close Brothers Asset Management fits the bill perfectly. The company’s professional approach is closely aligned with our own and our clients will benefit from Close Brothers’ rigorous and successful approach to investment management.