A financial advice and investment firm in St Albans has completed its first acquisition.

Lumin Wealth Management, in Sandridge Park, has bought Luton’s Hyperion Financial Planning, which has £85m of client funds under advice.

Managing director at Lumin, Martin Cotter, said there are “obvious similarity” in values: “We believe this transaction provides a template for further acquisitions and that we represent a strong alternative to the national consolidators for advisers that want to retain a more personal involvement and entrust their clients to a high service proposition.”

Hyperion director and shareholder Michael Barnett is one of two advisers, along with a senior paraplanner, moving to Lumin Wealth.

Michael said: “Throughout the process of finding a suitable buyer for our business we were clear that our clients were of paramount importance.

“From the first meeting with Lumin Wealth it was obvious they were the right partner.”