The acquisition brings over 850 clients and around £250m in assets under advice into the Private Client Advisers business.
The announcement follows the 2015 launch of Old Mutual Wealth Private Client Advisers with the opening of a new Chester office, and the subsequent acquisition of DQS in the South-West of England earlier this year.
Beaumont Robinson was established in 1971 and has successfully grown to service clients across the West Yorkshire region, while delivering strong business performance.
Staff and management will remain with the business and support its transition into Old Mutual Wealth Private Client Advisers, which will see it adopt the centralised investment proposition and align its advice processes.
Beaumont Robinson managing director Michael Wall will take on the role of regional director for Old Mutual Wealth Private Client Advisers.
The acquisition is subject to regulatory approval.
Old Mutual Wealth Private Client Advisers’ managing director, Nigel Speirs, says:
“We are really excited to welcome Beaumont Robinson, its staff and clients into the Old Mutual Wealth Private Client Advisers business. I am really looking forward to working with regional director Michael Wall and the rest of the team as we embark on an exciting journey together at Old Mutual Wealth Private Client Advisers.
“This is another important milestone as we aim to grow a wealth management business designed to deliver great customer outcomes by combining Old Mutual Wealth’s stable of investment, platform and advice solutions.”
Old Mutual Wealth chief distribution officer, Richard Freeman, says:
“At Old Mutual Wealth we have made a firm commitment to invest across the entire financial planning industry. Building our own-brand wealth management offering through the Private Client Adviser business is another important example of our commitment to growing the footprint of face to face advice across the UK.”
Beaumont Robinson chairman, David Cubitt, says:
“Joining Old Mutual Wealth Private Client Advisers is an exciting step for this business and will allow us to grow and develop with the support of a national advice offering.
“It was crucial for us to find a partner that could ensure our clients would continue to receive the highest quality wealth management and financial planning service available and we’re delighted to have found that with Old Mutual Wealth.”