UK advice firm Fairstone has seen client assets under management reach £20bn, according to its latest annual results.
The group credited the milestone to the success of its downstream buy-out (DBO) acquisition programme, which launched 13 years ago. Fairstone concluded its 100th DBO partnership deal earlier this year with Yorkshire-based Richardson Premier Wealth joining the programme.
Following enhancements to the model, the group expects to see further acquisitions in the coming years and is looking to double the size of its business to £40bn of client assets under management by the end of 2030, supported by changes to the leadership team.
Last month, the Fairstone announced that former Aldermore Bank CEO Steven Cooper has been appointed as CEO, taking over from Fairstone founder Lee Hartley, who becomes deputy chair.
The annual results also show a 21% year-on-year increase in revenue and pro forma fee income to £168m in the year to the end of December 2024.
David Hickey, independent chairman at Fairstone, said: “With £20bn of client assets under management, our continued growth reflects the ongoing success of our client-focused approach, providing chartered, trusted and independent advice at every life stage.
“The announcement of our new CEO, Steven Cooper CBE, and the signing of our 100th downstream buy-out deal this year, makes us ideally placed to scale further across the UK and Ireland.”
He added: “We have our sights firmly set on helping many more people make confident, informed financial decisions about their future as we target £40bn of client assets under management by the end of 2030.”
