Towry, the UK-based wealth manager, has confirmed it is to acquire the business assets and contracts of the AXA UK advisory business Bluefin Personal Consulting, for an undisclosed sum.

The transferring business will comprise 19 wealth planners and 70 support staff.

In the short-term, the firm will operate under the Bluefin brand from its existing premises to help facilitate the smooth transfer of the business to Towry to ensure a minimum of disruption to clients, Towry said in a statement.

The deal is expected to be completed in the fourth quarter of 2013.

“The transaction is in line with our stated strategic objective to grow by acquisition and the BPC proposition will further strengthen and broaden the range of services we can offer to both Towry and BPC clients,” said Andrew Fisher, chief executive officer of Towry.

AXA sold Bluefin's corporate arm to Capita in April 2012 for £50 million ($78 million).