Söderberg & Partners has acquired a minority shareholding in Generation Financial Services for an undisclosed sum.
Generation Financial Services incorporates the Generation Wealth Management, Generation Employee Benefits and Generation Charity Consultancy.
As business partner, Söderberg said it will help Generation Financial Services grow and improve its offering, while maintaining its ethical approach to client service. Generation Employee Benefits will complement and enhance Söderberg & Partners’ own employee benefits business, it added.
All existing Generation directors, management, consultants and support staff are being retained.
However, Söderberg said it will be adding extra functionality for Generation in the way it delivers client advice and support services, and a wider range of opportunities.
Gustaf Rentzhog, group chief executive officer at Söderberg & Partners, said: “The advice profession comes with increasing operational costs and regulatory requirements.
“We are pleased to be able to offer support to a smaller firm in this regard, as well as with managerial and back-office activities, so Generation can reach its full potential.
“This is the latest step in our growth strategy, which has seen us take stakes in three other IFA firms as we seek to make our mark in the dynamic UK marketplace.”
Andrew Waller, director and joint owner of Generation Financial Services, added: “We are thrilled to have the support of a backer like Söderberg & Partners to help us take our business to the next level.
“Our ambition is to set new standards and demonstrate best practice within the wealth management and employee benefits sectors.”
The acquisition follows Swedish wealth manager Söderberg & Partners’ earlier purchase of stakes in three IFA firms as part of its growth strategy. The group acquired a majority stake in Timothy James & Partners, and minority stakes in Cambridge-based Dartington Wealth Management and Atherton York in North London.
In November the firm also announced it was to launch a new adviser platform in partnership with Seccl, with the aim of helping advisers become more efficient through technology.
This follows the June announcment of an additional €200m from minority owner KKR to help fund the growth of its adviser proposition.