Collins Stewart acquires wealth manager Andersen Charnley

Collins Stewart has acquired Surrey-based IFA and private client wealth manager Andersen Charnley for an initial £5m.

The deal, which includes subsidiary Andersen Charnley Investment Management, also includes a deferred consideration of up to £8m in cash and shares to be payable based on Andersen Charnley meeting future revenue targets. Andersen Charnley Investment Management manages assets of £357m, of which 96% is on a discretionary basis. Chris Loynes, the founder and principal vendor of Andersen Charnley, has agreed to remain as a consultant to the business for at least two years following completion, while senior management and key staff have signed up to Collins Stewart's employment terms. F...