Atomos acquires £950m MWA Financial as Coniston exits
Updated: 3 days ago
10th September 2026
Deal summary
Atomos has acquired MWA Financial, adding approximately £950m in assets under advice and 24 advisers to the Oaktree-backed wealth management group. Financial terms have not been disclosed. The transaction also marks an exit for Coniston Capital, which took a minority stake in MWA in 2023 to provide growth capital for its acquisition strategy. Atomos is acquiring 100% of MWA Financial.
About Atomos
Atomos is a UK financial planning and wealth management business offering financial advice alongside investment and portfolio management. Formerly Sanlam Wealth, the business has been majority-owned by Oaktree Capital Management since 2021.
WTW took a strategic minority stake in Atomos in 2024, providing additional capital for growth while Oaktree retained its majority holding. The two firms had already been working together on Atomos’s investment proposition since 2022.
Before the MWA transaction, Atomos had around £7.7bn in assets and 60 advisers. The addition of MWA substantially increases the scale of its financial planning operation.
About MWA Financial
MWA was established by Cam Banks in 2016 with the aim of building a national independent financial advice business centred on holistic financial planning.
Coniston Capital invested in MWA in 2023, taking a minority stake and providing capital to accelerate its existing acquisition strategy. At the time, MWA had already completed five acquisitions and had a further pipeline of transactions planned.
That strategy subsequently included the acquisition of Stonewood Financial Planning, which added approximately £53m in AUA, followed by Hawthorn Financial Services, which added a further £26m. The Hawthorn transaction took MWA to approximately £950m in AUA.
Atomos’s other recent acquisitions
Cartlidge Morland – August 2026
Atomos Financial Planning Holdings acquired the business of Cartlidge Morland. MarshBerry acted as financial adviser to Cartlidge Morland on the transaction.
Define Wealth – May 2024
Atomos acquired Reigate-based financial advice firm Define Wealth, extending its presence in Surrey and the South East. Define founder Simon Wood-Woolley joined Atomos as Financial Planning Director.
Shore Financial Planning – January 2024
Atomos acquired Shore Financial Planning as part of its strategy to expand its adviser base and regional footprint, extending its reach into Plymouth, Cheltenham and surrounding areas.
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