PE-firm extends hold on Planning sector with Metis acquisition



Hurst Point Group has agreed to acquire Financial Planner and wealth manager Metis Wealth and Metis Asset Management.

The deal is subject to regulatory approval.

Hurst Point Group was launched in 2019 to manage investments by private equity firm The Carlyle Group in the UK wealth sector.

Financial Planner Metis Wealth will become part of Hurst Point’s Financial Planning arm Argentis Group.

Investment manager Metis Asset Management will become part of Hawskmoor Group, its investment management division.

Metis Wealth is a Chartered Financial Planning firm based in London and West Sussex. It was founded by Chartered Financial Planners George Delaney and Simon Arthur in 2013.

The firm specialises in retirement planning, tax planning and investment advice. It also offers specialist services to EY partners and has a specialism in working with barristers, law firm partners, and other professional services partners.

Both founders had previously spent over a decade working at Cavanagh Wealth Management, which was taken over by Close Brothers in 2011.

Hurst Point made its first investment in March 2020 with the acquisition of Harwood Wealth Management.

The PE-backed firm has since been rebranded its Financial Planning acquisitions to Argentis Group.

Argentis made two acquisitions earlier this month.

The wealth manager acquired D Heaton in Newcastle-under-Lyme and Wealth Creation & Management, based in Christchurch.

The deals for both firms will add £100m in assets under management, 400 clients and six staff members.

Last year the private equity firm acquired Hawksmoor Group, which became a separate subsidiary of the Hurst Point Group and now houses its investment management division.

Hurst Point acquired six Financial Planning firms in 2020 with £1.25bn in assets under administration and 5,000 clients.

The deals to acquire Cameron Lewnes, Portcullis Wealth Management, Russell Marlow, Hazlewood Investment Services and parts of Gallagher’s Financial Planning division added approximately £6m in revenue and over 20 advisers.

At the end of 2020, Harwood purchased Argentis Financial Planning, which added 5,000 clients and was its largest Financial Planning acquisition to date.