The takeover of Harwood Wealth Management by private equity firm Bidco has been given the go-ahead from the regulator.

Harwood announced this week that the Financial Conduct Authority had approved the buyout, which involves Bidco (Hurst Point Topco) paying £90.7 million for the wealth manager. Bidco is controlled by funds managed through PE giant Carlyle.

The proposed deal was first announced in December 2019.

Hampshire-headquartered Harwood was created in 2016 when Compass Wealth Management Group, a financial planning firm, acquired Wellian Investment Solutions, an investment management business led by Alan ...