Tenet, the UK's largest independently owned IFA group, has acquired a 20% stake in M&E member Ayrshire Financial Services.
This is the first of what is likely to be a series of equity investments in IFA firms for Tenet, whose investment programme will be aimed at supporting fast growing and ambitious businesses.
Tenet says investment is needed in both monetary and manpower terms to help IFA firms increase their efficiency and meet the challenges brought by regulation.
Peter Lane, group commercial director at Tenet, says: “Ayrshire Financial Services was an attractive opportunity for us because it is a dynamic, forward-thinking practice which welcomes change.”
Alex Bruce, managing director of Ayrshire Financial Services, says: “This is an important step for our business. The increased investment of the Tenet group in Ayrshire Financial Services will help us fast track our development plans through availability of funding and management resource.”