The firm, which operates what it calls a "downstream buyout model", signed up another financial planning and wealth management business.

Fairstone Group, which incorporates a large chartered financial planning business, has signed up Avidus Scott Lang under its “downstream buy-out model, adding to other deals by the UK firm.

Avidus Scott Lang specialises in pension planning, financial planning, asset management and estate planning, as well as providing bespoke services to high net worth individuals and corporate clients across the UK.

The deal brings an additional £350 million of assets under management and £2 million in revenues to Fairstone Group, as well as seven financial advisors and nine support staff.

Approximately 4,000 clients will be affected by the move, which will see Avidus Scott Lang work with Fairstone, with the option to make use of its Marketstar portfolios, where appropriate, Fairstone said in a statement.

Fairstone has revenues approaching £30 million and is based in Newcastle upon Tyne; it has offices in London and Bristol. Under is downstream buyout model, it has incorporated 35 firms since 2011. It has 240 advisors and 58 staff, acting for over 30,000 clients, with £5.4 billion of funds under advice, with £2.2 billion of funds under management.