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Close Brothers to buy Eos Wealth Management

Close Brothers Asset Management has purchased the chartered financial planning firm Eos Wealth Management for an undisclosed amount.

Eos advises clients with assets of over GBP 300 million and specializes in serving high net worth clients, particularly in the media and sports industries.

All 28 Eos employees will become Close Brothers as part of the transaction, which is subject to regulatory approval.

Andy Cumming, Head of Advisory at Close Brothers Asset Management, said: “The team of top-class and ambitious advisors will perfectly complement our integrated wealth management offering and strengthen our presence in London.”

Eos was founded in 2010 by Sean Scahill, a Fellow of the Chartered Insurance Institute, and Peter Kelsey.

Mr. Kelsey, a licensed financial planner, emphasized the importance of finding a buyer who focuses on the best interests of his clients.

“Close Brothers’ asset management is a perfect fit. The company’s professional approach is closely aligned with our own and our clients will benefit from Close Brothers’ rigorous and successful approach to asset management. “

In March, Close Brothers reported a 60 percent increase in cash inflows into its wealth management business for the six months ended January 31 of this year.

The most recent acquisition was Edinburgh-based charter financial planning firm Mackay Stewart & Brown for an undisclosed amount in April 2015.

Martin Andrew, CEO of Close Brothers Asset Management, said, “We are committed to building a market-leading integrated wealth management business and enhancing our strong organic growth through selective, high quality acquisitions.

“The acquisition of Eos Wealth Management is a perfect fit for our strategy,” he added.

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