UK-listed Collins Stewart Wealth Management announced today that it has acquired the private client advisory business Andersen Charnley Limited for an initial consideration of £7 million.

The acquisition of ACL, which has offices in London and Bagshot, Surrey, increases Collins Stewart’s assets under management to £6.8 billion (around $9.96 billion), Collins Stewart said in a statement.

Focusing on the upper end of the high net worth market, ACL’s client base incorporates professional advisors and senior corporate executives.

"While ACL will provide us with critical mass and resource to our London business, with both the addition of significant discretionary assets under management and a one-off addition of a financial planning capability, Collins Stewart provides ACL with a significant enhancement to its back-office, investment and corporate functional capabilities,” said Neil Darke, head of CSWM.

“In addition, this deal takes our assets under management to £6.8 billion, further highlighting our commitment to growing the business and achieving our stated goal of £10 billion in assets under management by 2012,” Darke said.