Dyer Baade advises the partners of PMN Financial Management on its sale to Close Brothers Asset Management

Close Brothers Asset Management acquires PMN Financial Management

(London, July 2021) Dyer Baade & Company advised the partners of PMN Financial Management on the sale of the business to Close Brothers Asset Management.

Founded in 1992 and based in Farnham, Surrey, PMN was an independent wealth management and financial planning business advising high-net-worth client families. At the time of the transaction, the firm had approximately £300 million of client assets.

The acquisition formed part of Close Brothers Asset Management’s strategy to expand its integrated wealth management proposition through selective acquisitions. PMN strengthened the group’s financial planning capabilities and regional presence across Surrey and Hampshire, while giving its clients access to the broader investment management, research and financial planning capabilities of Close Brothers Asset Management.

As part of the transaction, PMN’s partners, financial advisers and support team joined Close Brothers Asset Management, providing continuity for clients while giving the business access to the resources and infrastructure of a larger wealth management group.

Stuart Dyer, Chairman of Dyer Baade & Company and lead adviser to the partners of PMN on the transaction, said: “We were pleased to advise the partners of PMN on the sale of the business. PMN had built a high-quality financial planning proposition around long-standing relationships with high-net-worth families, and finding the right cultural and strategic fit was therefore particularly important.

“Close Brothers Asset Management offered the combination of scale, investment capabilities and a strong client-focused culture required to support the business and its clients through the next stage of its development. The transaction was a good example of how the right strategic buyer can create an attractive outcome for shareholders while also providing continuity for clients and employees.”

Dyer Baade’s role

Dyer Baade & Company advised the partners of PMN throughout the transaction, including strategic positioning, buyer engagement, process management, valuation and negotiations through to completion.

The mandate required careful consideration not only of headline value, but also of cultural fit, client continuity and the future position of PMN’s partners, advisers and employees within the acquiring group.

In its 2023 results, Close Brothers subsequently reported that the integration of PMN had outperformed initial expectations, with the business fully integrated into the wider wealth management group.

Close Brothers Asset Management was subsequently acquired by funds managed by Oaktree Capital Management and rebranded as TrinityBridge in 2025. TrinityBridge continues to list the acquisition of PMN as part of the firm’s growth history.