Synova-backed Fairstone acquires domestic IFA firms

The acquired companies expect to benefit from the extra compliance and technology support that Fairstone will provide.

Synova committed £25m to the development of Fairstone in 2016, drawing equity from its Synova III vehicle, which closed on £250m in January of that year. The fund has yet to make a realisation.

Company
Goodman Chartered Financial Planners, based in Tunbridge Wells, Kent, specialises in investments and IHT planning, with four advisers, eight support staff and 520 clients. Founded in 1994, the firm brings a total fee income of £1.6m and more than £150m in funds under management.

Based in Sidmouth, East Devon Associates specialises in pensions and investments; it has two advisers, three support staff and 475 clients. Founded in 2002, the firm brings a total fee income of £500,000 and more than £65m in funds under management.

People
Fairstone – Lee Hartley (CEO).
Goodman Chartered Financial Planners – Andy Smith (principal).
East Devon Associates – Graham Salter (principal).

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