Close Brothers Asset Management has acquired IFA business PMN Financial Management that manages nearly £300m in assets for high net worth clients.

PMN was founded in 1992 by partners Peter Neri and Mark Dipple and is based in Farnham. PMN's partners, advisers and support team will all join CBAM as part of the agreement. It has held Chartered status since 2008, its website states.

Close Brothers said PMN's clients would benefit from its scale including its research capabilities and wither investment management services.

Close Brothers Asset Management chief executive Martin Andrew said: "I am delighted to welcome PMN to the CBAM family, an acquisition which further underlines the fact that we are a dynamic and growing business.

"Not only is PMN a highly successful and trusted provider, but crucially, the business has deep cultural synergies with CBAM. Our success is built on our dedication to put clients at the centre of everything we do and PMN share that commitment and focus.

 "I know that the team will hit the ground running and be a real asset to the wider CBAM team."

First published by our sister title Professional Adviser