Bath financial services firms Fidelius and Money Wise have merged to form a major player in the sector.
Fidelius, which specialises in wealth management, employee benefits and insurance services, has a turnover of £6.8m and employs 65 people. It will continue to run Money Wise from that firm’s Queen Square office in the short-term. 
Independent financial advice firm Money Wise has a £3.9m turnover and a staff of 33. It was founded by chief executive Malcolm Coury in 1997 and has since expanded to employ 14 advisors across offices in London, Bournemouth and Cambridge as well as Bath.
Mr Coury is to leave the merged firm but will retain Money Wise’s Cambridge operation with the other Cambridge shareholders. That will now operate under the name of Dartington Wealth Management.
Mr Coury said: “I have had many approaches over the last couple of years, but this is the only approach I have thought worthy of consideration, as our two firms are so well aligned.”
Money Wise directors Richard Armstrong and Duncan McKillop will remain in the Money Wise business.
Fidelius has its headquarters in James Street West and also has offices in Cheltenham and London.
Chief executive Jim Grant said: “We looked at a number of firms with a similar geographical presence to ourselves and Money Wise was the obvious choice.
“Both our firms have very similar people, very similar cultures and very similar business models, so bringing the firms together makes complete sense for both parties and strengthens both our Bath and London operations in particular.”
The Bath offices of law firm Withy King and accountants Bishop Fleming advised Fidelius on all aspects of the deal including the purchase of shares in Money Wise’s holding company, the tax structure of the deal and associated employment and property issues.
Withy King partner and corporate team head Katharine Mortimer, who provided corporate legal advice with James Worrall, said: “This was a complex and highly sensitive deal which included a pre-completion restructuring of the target company to demerge the Cambridge part of Money Wise’s business.
“This acquisition will further strengthen Fidelius’ wealth management and employee benefits offerings and help to cement its position as one of the leading financial services firms in Bath and the South West.”
Paul Morris, a tax partner in Bishop Fleming’s Bath office, added: “We were pleased to be part of the local team advising Fidelius on this transaction. The acquisition provides an exciting opportunity for the combined Fidelius business in the Bath market place and beyond.”
