Following its merger with BDO, which was announced last month, Moore Stephens sold its high net worth unit by a way of a business transfer agreement.
The deal will bring assets of £340m and 11 staff from Moore Stephens to Tilney, including partners Stephen Humphreys and James Springham.
Humpreys, head of the wealth management division, who has been at the firm since 1989, said, “We are very excited to be joining Tilney and have been impressed with the firm’s depth of expertise in both financial planning and investment management.
“Tilney also has a lot of experience advising the clients of both accountancy firms and lawyers, so the understanding and cultural fit between our team and their businesses really is excellent.”
Chris Woodhouse, CEO of Tilney, said, “We are delighted to welcome the Moore Stephens wealth management team and clients to Tilney. This is a very high quality and professional business that will add further strength to our team in London.
“Tilney has established excellent connections with a number of major accountancy and professional services firms and we now look forward to developing an ongoing relationship with Moore Stephens over the coming years.”
Last week, Tilney announced it had also acquired Index Wealth Management, a firm based in Sutton Coldfield.
In a bid to boost its presence in the Midlands, Tilney added Index to its portfolio, bringing 12 staff and £243m worth in assets.
This is not the first time Tilney has targeted accountancy firms’ high net wealth units. In 2007, Baker Tilly (now RSM) sold its financial planning business, Baker Tilly Financial Services, to Towry (now Tilney), and in 2014 Baker Tilly sold its financial management arm to the acquisitive group as well.
Meanwhile, BDO and Moore Stephens confirmed last week they have swapped contracts following the news of their merger last month. The merger will bring together 5,000 people and combining gross annual revenue of £590m.