A South Wales-based chartered financial planning firm, which has assets under advice (AuA) of £170m and a base of 500 clients, has been bought by a listed wealth management business.
Bridgend-based CST Wealth Management, which offers financial planning for individuals and businesses, has been acquired by Brooks Macdonald.
The acquisition was said to add to Brooks Macdonald’s growing offering in Wales, with the CST team well known to the firm.
CST was said to represent a “strategic and cultural fit” to Brooks Macdonald, aligned with the group’s strategy to expand client reach and accelerate growth in financial planning. It follows the recent acquisitions of LIFT-Financial and Lucas Fettes Financial Planning.
Andrea Montague, chief executive of Brooks Macdonald, said: “CST Wealth Management is well known to our Cardiff team for their excellent client service. We are delighted to welcome them to Brooks Macdonald as we increase our offering in Wales and grow our presence in financial planning, aligned with our strategy to reignite growth.”
Gwyn Williams, director of CST Wealth Management, said: “We are pleased to be joining Brooks Macdonald, which has a great reputation and shares many of the values that have driven our success to date. We look forward to becoming part of the BM team and to the benefits it will bring to our clients.”
Williams was a non-executive board member for Swansea Building Society between 2005 and 2018 including the final two years as chairman of the Society.
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