Perspective Financial Group Ltd, the consolidation vehicle for IFA firms, has published details of its second acquisition of the year.

The Wilmslow-based consolidator has acquired Chessman & Partners, an IFA operation based in Chesham, Buckinghamshire bringing the number of individual practices within the Group to 14. Group funds under management have now reached the £1 billion level.

Chessman & Partners was established in 1980 and looks after over 6,000 clients. The business is split into two teams covering Life & Pensions and Capital Investment. Chessman provides an investment and life insurance service for individuals, families, partnerships and companies which covers capital investment, pension planning, life assurance, income protection, mortgages, long-term care and inheritance tax planning.

The firm has a turnover of approximately £800,000 per annum, with funds under management of £150 million and £250,000 of recurring income.

With this latest acquisition, Perspective’s annualised turnover has been boosted to £12.5 million, funds under advisory and management are increased to over £1,000 million, with a recurring income of £6.2 million.

Damian Keeling, managing director of Perspective Financial Group Ltd, said: “Bringing Chessman within the Group expands our geographical reach as we continue with our ambitions to build a significant and highly profitable advisory group. Firms who join Perspective are not just looking for the up-front payout and security but are also buying in to the overall proposition which can help them develop their range of services and increase their profitability.