Quilter has bought 200-adviser national advice business Charles Derby to boost its restricted advice presence across the UK.
Charles Derby was already a member of Quilter's advice network Intrinsic. Quilter took a 10% minority stake in the business in 2017, but has now fully acquired the firm.
Last year Charles Derby added 6,000 new clients to Quilter's restricted advice business, which includes national advice business Quilter Private Client Advisers and restricted members of the network.
Quilter did not disclose how much it paid to buy Charles Derby or the assets under advice the firm currently holds.
Charles Derby will sit alongside Quilter Private Client Advisers as a national advice business. Quilter's head of advice business, Andy Thompson (pictured), said the company was 'extending' the Private Client Advisers model to increase its client base.
'Charles Derby offers us a great opportunity to further grow our successful national advice business. It has been part of the Intrinsic network since launch, making it an excellent cultural fit and a strong basis for our developing national advice business. I look forward to continue working with Charles Derby’s staff and adviser,' he added.
Charles Derby chairman Chris Fautley said the acquisition would 'accelerate' the company's growth plans.
'The strength and scale Quilter brings adds further benefits to our clients as we deliver face-to-face advice to our ever-growing customer base. Having been closely associated with Quilter, we are delighted to now be joining them and look forward to working together as part of a broader management team,' he added.
Quilter also confirmed Darren Sharkey would take over as managing director of its national advice businesses. He was named interim managing director of Quilter Private Client Advisers last October.