Wealth Club, the investment service for high net worth investors, has acquired execution-only discount broker Clubfinance, increasing its assets under influence to over £435m.
The acquisition also strengthens the group's footprint in the VCT, EIS and IHT space and increases the group's overall client base to in excess of 8,000.
Clubfinance has an extensive customer base across its EIS, VCT, investment, pension and stock-broking intermediation offering and has grown strongly since its formation in 2002, becoming one of the UK's largest execution-only VCT brokers.
Wealth Club expects the integration to run smoothly as existing Clubfinance clients will be able to access improved investment information, research and exclusive deals.
In addition, they will be able to apply online for VCTs and EIS products and will be able to see all new investments in one place on Wealth Club's online portal.
Alex Davies, CEO and founder of Wealth Clu, said: "We are delighted to have reached this agreement that will see Clubfinance being integrated into Wealth Club.
"Clubfinance fits perfectly with what we do and the acquisition supports our progression towards becoming the investment platform of choice for HNW and experienced investors, with best-in-class service, choice and research.
"We believe with the pension restrictions beginning to bite as well as the new dividend tax and the crackdown on buy to let, demand for the products we offer (which is already very strong) is about to rocket.
"We look forward to helping HNW and experienced investors identify the best options, and making it much easier for them to apply and monitor their investments."
David Scrivens, director of Clubfinance, added: "We felt combining the scale and success of Clubfinance with the strategic might of Wealth Club was in the long term best interests of our clients.
"Clubfinance clients have come to expect a high level of customer service and we feel Wealth Club could not only match this, but actually exceed it by combining great service with the latest technology and helpful investment information."
Clubfinance will be run from Wealth Club's head office in Bristol and the company will be led by Davies.