Swiss financial services company VZ Group has acquired a majority stake in IFA Lumin Wealth and intends to acquire the remainder within five years.
Lumin, which has undergone a decade of growth, was founded by Martin Cotter and John Cusins in 2010, and today manages more than £600m in assets under management with over 40 employees. It has offices in St Albans and London.
The collaboration marks VZ's first foothold in the UK financial advice market.
Lumin's management said they are committed to developing the company further together with their new partners.
Martin Cotter (pictured), managing director of Lumin, said: "We could not wish for a more formidable partner and take pride in VZ's endorsement. VZ's package of financial planning DNA, long-term horizon and financial muscle provide us with an unparalleled opportunity.
"We have been impressed by VZ's proven track record in developing differentiated propositions with clear client benefits. We are highly excited that we can further improve the service we provide our clients and offer a dynamic environment for aspiring financial advisers as we expand the business together," he added.
Lumin will retain its existing identity alongside a new logo that incorporates VZ's branding.
VZ, based in Zug, was founded by majority stakeholder Matthias Reinhart and has been listed on the Swiss Exchange since March 2007.
The group employs about 1,200 people and managed £24.72bn of assets at the end of 2020 for individual clients and occupational pension plans through 34 branches across Switzerland and Germany.
Matthias Reinhart, founder and CEO of VZ Group, said that the deal will provide both firms with opportunities for growth.
"Lumin is an ideal springboard for VZ to build market presence in the UK long-term in the context of our growth ambitions," Reinhart said.
"Our respective cultures and vision are closely aligned, with client's best interests at heart. Lumin is a like-minded, modern and trusted firm focused on transparency and professionalism. We much appreciate how the highly motivated Lumin team has embraced the benefits of coming together and look forward to a bright future for everyone involved" he added.
The development of Lumin will be accelerated through augmented organic and inorganic growth, supplemented by the wider resource and service offering available through VZ. Additionally, a strategy of selective acquisitions and a multi-year investment process will aim to further expand the north London firm's growth.
As per the deal, Markus Graf, Urs Feldmann and Andy Schaer from VZ will join Lumin's board.
Lumin said it expected to make additional hires following the deal. Full details of the deal's value have not been disclosed.
Lumin has previously made a series of adviser acquisitions including Bedfordshire-based Hyperion Financial Planning in April 2019 and most recently Hertfordshire-based financial advice firm Chamberlain Stean and West in March.
