Wealth manager Advanta Solutions has confirmed the acquisition of Penney, Ruddy & Winter Ltd (PRW) for an undisclosed sum.

The deal adds a further £240m in assets under management (AuM) to its stewardship.

PRW, based in London, was established in 2012 and has been directly authorised since 2015. The transaction marks Advanta’s first acquisition in 2024 and its eighth in total.

In a joint statement, the PRW’s directors and co-owners, Peter Ruddy and David Penney, said that it is paramount that the firm’s clients are “protected for the longer-term and for the next evolution of PRW.”

“We believe that Advanta is the right company for our clients, staff and for both of us,” the statement went on to say.

“This process was made much easier knowing that Advanta shares the same values, professionalism and client service standards that we believe in, adding to the synergies that exist between our two companies.

“Advanta will help to develop and enhance the advice and service levels we offer our clients and provide the resources to help grow the business to the next level.”

Advanta CEO, Craig Webster, added: “Clients are, quite rightly, demanding more from the firms they trust their financial planning to. With both Advanta Wealth and PRW being chartered firms, we are firmly focused on our clients by providing insight and understanding married with service, experience and qualifications.

“Raising the standards of advice and service is central to our strategy of creating a professional environment for our clients.”

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