Syndicate Asset Management, the UK wealth management firm that is creating a network of financial advisory firms, said today it has bought Co-operative Bank Independent Financial Advisers, confirming media speculation earlier this year.

Under the deal, Ashcourt Rowan Financial Planning, which is a part of Syndicate, will acquire the IFA business and some assets of CIFA, which was set up about 20 years ago and has around £1.0 billion (around $1.58 billion) of invested assets, serving around 55,000 clients.

Ashcourt Rowan will pay The Co-operative Bank a nominal undisclosed sum for the IFA business and certain of the assets of CIFA and £450,000 in cash for all of CIFA's trail commission receipts, to be paid as  £250,000 on the first anniversary of completion of the acquisition and £200,000 on the second anniversary.

A majority of CIFA's IFAs operate in the North East and North West of England, as well as the Midlands and South of Wales.

Earlier in the summer, press reports said that Syndicate was looking to buy CIFA.

The acquisition will bring Ashcourt Rowan's funds under management and influence to more than £3.3 billion and funds under management and influence in Syndicate's wealth management division to more than £4.3 billion.

“The acquisition forms part of Syndicate's stated strategy of broadening Ashcourt Rowan's network of financial planners across the UK,” the firm said in a statement.