Moneygate Group, based in the northeast of the UK, is to acquire a minority stake in high net worth financial planning firm Group Rapport as part of a deal that will see the firms work in partnership to grow a new corporate offering.

Surrey-based Group Rapport, which currently handles funds under influence of over £75 million (around $113 million), and has a turnover of more than a million pounds a year, will now trade under Moneygate’s regulatory platform.

“We were really impressed by the technology side of Moneygate which offers a new way of working. We will be utilising this as we develop the new corporate offering from Moneygate this year,” said Jeremy Martell, chief executive at Group Rapport.

In other recent developments, last month Moneygate launched its own dedicated discretionary fund management business, Marketstar. This provides services to Moneygate’s national network of IFAs.