Thomas Miller Investment has gained FCA approval for its acquisition of Broadstone Wealth Management.

Thomas Miller Investment, which has offices in the UK and the Isle of Man, has gained regulatory approval for its acquisition of Broadstone Wealth Management.

The deal was completed on 1 December and forms part of Thomas Miller Investment’s strategy to create a leading investment and wealth management business, both organically and through acquisition. Regulatory clearance for the transaction came from the Financial Conduct Authority.

The Broadstone acquisition raises Thomas Miller Investment’s assets under management to £2.8 billion ($4.4 billion), with approximately 90 staff across seven locations. Thomas Miller Investment provides investment and wealth management services to institutions and private clients both on and offshore.

“Broadstone is an important addition to our business and demonstrates our ambitions within the investment and wealth management sector. We are perfectly placed to provide the services that clients require in a complex and economically uncertain landscape,” said Mike Balfour, chief executive officer at Thomas Miller Investment.

The transaction is an example of the kind of consolidation via mergers and acquisitions that have been a feature of the small- and medium-sized part of the UK wealth management space over recent years, as rising regulations and a financial environment have driven deals.