The investment manager is targeting growth in the Midlands through an acquisition of a local financial planning firm.

London-headquartered Tilney Bestinvest is to acquire the business of Webb Holton & Associates, a  Birmingham-based financial planning firm, for an undisclosed sum.

The acquisition of Webb Holton, which serves business and private clients, will boost Tilney Bestinvest's presence in the Midlands, while adding four advisors to its team. The firm recently expanded its Glasgow financial planning team with the appointment of Roy Smith from RBS as director of financial planning.

“Building out our presence in financial planning across the UK is a key strategic priority for Tilney Bestinvest and the integration of Webb Holton’s business represents a further milestone in this respect,” said Tilney Bestinvest's chief executive, Peter Hall.

“We aim to be a leader in pensions in the UK and we are pursuing that strategy through a combination of new hires, office openings, acquisitions and our forthcoming partnership with Saga. Our recent launch of our At Retirement service offers help to people who want to do it themselves. The integration of Webb Holton expands our ability to help people who want face-to-face advice,” he added.

Tilney Bestinvest looks after more than £9 billion ($14 billion) of client assets from its UK-wide network of offices.