Through the acquisition, Cazenove Capital estimates that Thornhill will add £600 million UK client assets and increase the assets managed on behalf of charities to £2.5 billion.

The acquisition continues an industry trend of increased M&A activity seen in the latter part of this year.

Earlier this month, Strategic Wealth Management acquired rival UK IFA firm Insight Financial Planning, while Midas Capital has also been in advanced talks to sell iimia Wealth Management to rival Jardine Lloyd Thompson Private Clients.