Wren Sterling acquires Morfitt & Turnbull, completes Mutual Financial Management & DFM transaction and appoints CIO to run DFM

  • Acquisition of Morfitt & Turnbull (Management Services) Ltd (Morfitt & Turnbull) in Knutsford represents fourth acquisition of 2022
  • FCA approval secured for completion of Mutual Financial Management LLP transaction, which includes discretionary fund management permissions, and creates North-West office
  • Rory McPherson appointed as Chief Investment Officer to lead new DFM solution

National IFA, the Wren Sterling Group, has acquired Morfitt & Turnbull, which boasts around £270m of client assets. Its Managing Director, Gareth Shaw, and his six-strong team will work from Wren Sterling’s new North-West office in Wilmslow.

Concurrently, it has now received authorisation from the FCA to complete a deal announced earlier this year to acquire Mutual Financial Management LLP. This has given Wren Sterling a North-West office and discretionary fund management (DFM) permissions, gained through the acquisition of Mutual Financial Management’s related company, Magnus. Former Mutual Financial Management Managing Partner, Austin Hutchinson, will become Wren Sterling’s new Regional Director, reporting to James Twining, Wren Sterling’s Chief Executive Officer.

In recent weeks, the Wren Sterling Group has also appointed Rory McPherson as Chief Investment Officer, primarily to oversee the development of Wren Sterling Group’s new DFM. McPherson was previously at Punter Southall Wealth, where he was Head of Investment Strategy, and before that, Russell Investments.

Earlier this year, Wren Sterling acquired Critchleys Financial Planning LLP in Oxford and agreed a deal for HB&O Financial Services, creating Wren Sterling offices in Oxford and Leamington Spa. It is developing its national footprint outside of its existing locations, while supporting those firms that become regional hubs with additional clients and assets through a “hub” and “spoke” strategy.

James Twining, Wren Sterling’s CEO commented: “The past few weeks have been busy as we have continued to deliver on our acquisitions strategy, alongside our investments in improving our brand and proposition and simplifying our business.

“Our goals are to build our national presence, which our new North-West hub will do now that we have received change of control approval, as well as acquire high quality IFA firms to bolster those offices, which we have been able to do with Morfitt & Turnbull.

“I am also delighted to formally welcome Rory McPherson to the Group. Rory brings a unique skillset to the business and in the brief time he has been here, our team and our clients have already benefited from his insight. Rory has a key role to play in developing the DFM capability the Group has through our acquisition of Magnus and ensuring that it delivers value for clients, and we are excited about the opportunity that this presents.”

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