Newly formed next-generation financial services group, Quanta Group, has acquired independent financial planning business Craven Street Wealth.

The group, led by Patrick Mill, also comprises the Wealthtime and Wealthime Classic platforms, and discretionary fund manager Copia Capital.

Quanta Group said its acquisition of Craven Street Wealth underlined its ambition to provide a broader wealth management proposition that went beyond platforms and discretionary fund management (DFM).

Craven Street Wealth will continue to operate as an independent business, as will the Wealthtime and Wealthtime classic platforms and Copia Capital, with all the businesses maintaining separate management teams.

Founded in 2021, Craven Street Wealth is an independent financial planning business with offices in London and the south of England.

It has 90 staff including 30 financial planners, and manages around £2bn of client assets for more than 3,500 clients.

The addition of Craven Street Wealth has brought Quanta Group’s combined assets under advice to approximately £16bn across nearly 77,000 clients.

Tom Barnett will remain as managing director of Craven Street Wealth and will join the Quanta Group Executive Committee.

Commenting on the announcement, Quanta Group CEO, Patrick Mill, said: “We are committed to building a next-generation financial services group that delivers significant value to advisers and advised clients. Our new group structure safeguards the continued independence of our three business areas – platform, DFM and advice.

“We have already laid strong foundations for expansion both through Wealthtime, with our recent strategic partnership with Wipro and GBST to become a market-leading, digital-first platform built around our customers, and through our award-winning DFM Copia Capital, which offers advisers differentiated custom portfolios.

“Now Craven Street Wealth adds a new complementary business area to the group, supporting our long-term strategy to become a leading player in the wealth management sector.”

Craven Street Wealth managing director, Tom Barnett, added: “Since forming Craven Street, we have succeeded in implementing what we regarded to be the first stage of our ambitious growth plans; scaling our longstanding core business to a much wider audience across multiple offices, whilst proving the concept that through integration and ambition, we can provide a positive and inclusive environment for our team to develop and promote high standards of advice to clients.

“In considering the next phase for the business, it was essential that we could find an investor completely aligned to our focus on providing high quality advice and solutions to clients for the long term, whilst also recognising the opportunities that arise from significant regulatory and technological change.”

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