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Tenet buys wealth management firm Elementum

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  • 08/10/2018
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Tenet buys wealth management firm Elementum
Tenet has bought Preston-based wealth management firm Elementum. 

 

The network bought out the management of the three-adviser firm, which has been a Tenet member since 2006.

Elementum directors Peter Pearson (pictured centre) and Martyn Slater (pictured left) will be staying with the company to help with the transition and further develop the business as a regional hub.

The firm is to trade as its own brand and become a subsidiary of Tenet’s own advice company, Aspire Financial Management, adding £80m of funds under management to the group.

Tenet launched its practice buyout scheme in January to offer network member firms an exit strategy for retirement.

In May the firm bought Blackmore Vale – a sole adviser firm from Dorset with a 200-strong client bank.

Tenet chief executive, Martin Greenwood, said: “I’m pleased to welcome Martyn and Peter to the group.

“Succession planning is traditionally a tricky issue for advisers, who want to realise the value they have built up within their firm at the same time as retaining a safe home for their client bank.

“Since the launch of our practice buyout scheme, we’ve had a lot of interest from our network firms and are in advanced discussions on a range of deals, from smaller client bank acquisitions to larger company buyouts.”

Director of Elementum Martyn Slater added: “With over 50 years in the industry between us, Peter and I value our long-standing relationship with clients and it was of primary importance that they would continue to receive the same quality of service we have built our name on.”

Tenet Group has three major shareholders: Aviva, Aegon UK and Standard life Aberdeen.

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