The acquisition follows Walker Crips' recent spell of hires and a push by the firm to expand nationally. This included a new office in Cornwall earlier this month.

Walker Crips highlighted cost synergies, hires of capable investment managers and discretionary fee-based revenue streams as key areas to focus on within Barker Poland. Walker Crips said this would help achieve its medium-term target of £5 billion in assets under management and administration.

“This is an important step in our continuing quest for growth, taking our AuM/A  to £3.5 billion from £1.4 billion just three years ago as well as increasing the capacity of our London stronghold alongside our ongoing regional expansion,” Walker Crips' chief executive, Rodney FitzGerald, said in a statement.

“BPAM's business is a complementary bolt-on to our existing offering which, with the combination of our similar investment styles and culture, will facilitate a seamless enhancement for BPAM's clients.” 

Walker Crips will pay an initial sum of £1.7289 million in cash for the company, which could increase to £4.19 million if average annual revenues reach £1.6 million over the three years from completion of the deal.

Barker Poland manages assets worth £229 million, of which £192 million are managed on a discretionary basis. Since selling its fund management arm in 2012, the company has narrowed its focus to its investment and wealth management services.

As a result of the deal, Barker Poland's managing director, Geoff Wright, will move over to lead a team of five advisors, alongside the business's founder, Pat Barker, who will stay on as chairman.