Craven Street Wealth has acquired independent chartered financial planning firm Pharon Independent Financial Advisers for an undisclosed sum.

The wealth manager said the acquisition of the south east-based firm marked a milestone in its long-term strategy to strengthen its advice offering.

Pharon was established in 1973 and provides tailored advice to clients across the south east.

Craven Street Wealth, which is part of the Quanta Group, said the addition of Pharon strengthened its presence across the south of England, particularly in Kent.

Following the acquisition, Quanta Group will manage approximately £17bn of client assets for around 86,000 clients across advice, platform and discretionary fund management services.

Over the coming months, Pharon will fully integrate with Craven Street Wealth, with its leadership team also joining Craven Street Wealth’s management team structure.

Craven Street Wealth's headcount will rise to around 130 staff, including 35 financial planners, upon completion of the deal.

“Bringing Pharon into Craven Street Wealth further strengthens our advice capability, enhances our national footprint and deepens the value we deliver to clients and professional partners," commented Quanta Group CEO, Patrick Mill.

"Alongside recent additions to the Quanta Group Board, it marks another major step towards our goal of building a modern, fully integrated wealth management group that combines independence, exceptional advice, and strong governance.”

Craven Street Wealth managing director, Tom Barnett, said: “We are delighted to welcome Pharon to CSW. We share the same values, professional standards and long-term commitment to clients.

"It has always been our ambition to deliver high quality independent financial advice to a much wider audience and, as part of Quanta Group, we have the scale and resources to continue investing in advice excellence.”

Phaton director and chartered financial planner, Nick O'Shea, added: “This is a hugely positive step. Our team, clients and introducers will continue to receive the same personal service and trusted advice, now supported by the strength and specialist expertise available through Craven Street Wealth and Quanta Group.”

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