Fairstone adds £1.5bn in AUM with Prosperity Wealth acquisition

Fairstone Group has acquired West Midlands-based wealth management firm Prosperity Wealth, adding £1.5bn in assets under management (AUM).

The deal marks Fairstone’s largest acquisition to date and sees Prosperity Wealth becoming a full part of the group, following the completion of its partnership period under Fairstone’s downstream buyout (DBO) programme.

Prosperity Wealth was founded in 2010 and offers wealth management, cashflow planning, corporate financial planning, and employee benefits advice.

It has 80 members of staff, including 49 advisers, that support more than 5,000 clients and manage £1.5bn in assets.

Prosperity Wealth is led by Matt Bell and first partnered with Fairstone in July 2023 through its DBO programme.

Law firm Freeths advised the shareholders of Prosperity Wealth on its sale to Fairstone.

“We wanted to join Fairstone because it offers us the opportunity to create a real step-change in growth while remaining a trusted source of independent financial advice – in many respects, it’s the best of both worlds,” said Prosperity Wealth head of office, Matt Bell.

"The greater resources, support and economies of scale they offer mean our clients benefit in the form of reduced fees, a wider choice of products and the enhanced financial security they get from being part of one of the UK and Ireland’s largest and most trusted wealth management groups."

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