An independent financial advisory firm, which operates across eight locations across the UK, has purchased PFP Group to create a nationwide wealth management firm.

Ascot Lloyd Financial Services has acquired PFP Group, a UK-based wealth management firm, for an undisclosed sum.

The combined business will take the Ascot Lloyd name and manage client assets of £2.2 billion ($3.4 billion), with 168 staff based in 10 locations across the UK. It will provide financial planning services for personal and corporate clients incorporating the use of protection products, investment products, pension planning and tax planning.

“Ascot Lloyd and the PFP Group are very closely aligned and the combined firm will benefit from synergies through pooling resources and professional experience,” said Ascot Lloyd's chief executive, Richard Dunbabin.

“This is an exciting stage in the development of the PFP business. Joining Ascot Lloyd will allow us to expand and develop the range of services we offer, creating exciting opportunities for clients and staff,” said Ross Hyett, managing partner of PFP Group, who will join the board of Ascot Lloyd.

Harrogate and London-based PFP Group consists of PFP Wealth Planning, PFP Wealth Management and PFP Benefit Solutions, which will boost Ascot Lloyd’s employee benefits division.

“The growth in our employee benefits offering, including PFP’s master trust facility, will result in significant additional opportunities for both the private client and corporate client sides of the business,” said Ascot Lloyd's managing director, Pat O’Hara.