Chartered financial planning firm Fairstone has acquired Pensions and Wealth Management Services Ltd (PWMS).

The purchase is part of Fairstone’s Downstream Buy Out (DBO) model, which aims to integrate "ambitious" IFA firms into the group. The firm announced earlier in February that it would receive additional funding from HSBC and Lloyds to support the DBO programme.

This acquisition brings an additional 400 clients into the group, as well as PWMS’s four advisers and four support staff. It secures gross fee income of £1 million for Fairstone and almost £200 million in funds under management.

PWMS, which ...