Norwich-based IFA Smith & Pinching is in talks to acquire local advice firm Almary Green, New Model Adviser® understands.
Although the talks are at an advanced stage, a deal has not yet been completed.
Almary Green, which had £400 million of assets under administration in 2016, is run by its director Carl Lamb (pictured).
In a joint statement issued by Lamb and Smith & Pinching’s managing director David Hughff, the pair said the two firms have been exploring how ‘further collaboration’ can be beneficial.
‘We can confirm that our two firms have worked closely on a number of projects for over three years and we continue to explore how further collaboration can benefit the two firms in the future,’ the joint statement said.
‘A further statement will be issued if and when we have anything new to report.’
In 2016 Standard Life’s restricted advice arm 1825 pulled out of a deal to acquire Almary Green. After the deal collapsed Lamb, who previously predicted the bulk of advisers will be restricted in five years time, said he would keep Almary Green independent.
Smith & Pinching is also an independent firm which was founded in 1973 by Barry Pinching and Gerry Smith. It employs 70 staff, most of which operate out of its head office in Norwich.