The Private Office Acquires Leeds-based HEB Wealth
- Simon Bourke
- 2 days ago
- 3 min read
Updated: 21 hours ago
8th April 2026
Deal summary
Leeds-based chartered financial planning firm The Private Office (TPO) has acquired fellow Leeds-based financial planning firm HEB Wealth. The acquisition adds approximately £100m in assets under management, taking TPO's total AUM to more than £3.1bn with an annual turnover of £30m. HEB's managing director Steve McDermott and director Elaine Merritt will both join TPO as part of the transaction.
About The Private Office
The Private Office is a Leeds-headquartered independent financial planning and wealth management firm founded in 2008. It employs 182 staff across offices in Leeds, London, and Bath, serves more than 5,500 individuals, businesses, and charities, and has 53 advisers. In January 2026, Goldman Sachs Alternatives entered into an agreement to become a minority shareholder in the business, with TPO citing ambitious growth plans at the time.
About HEB Wealth
HEB Wealth is an established Leeds-based financial planning firm led by managing director Steve McDermott and director Elaine Merritt. The firm shares a focus on independent, personalised financial planning, and its proximity to TPO's Leeds head office was cited as a factor supporting operational integration.
Why is The Private Office acquiring HEB Wealth?
The Private Office said a decade of mostly organic growth had strengthened profitability and left it in a position to add carefully selected acquisitions that fit its core values. Just over two months after announcing a minority investment from Goldman Sachs Alternatives, the HEB deal is the first clear sign of that next stage. TPO said organic growth remains its core strategy, but the transaction shows it is now willing to use acquisitions where the fit is right.
That fit appears to have been a central part of the rationale. TPO pointed to shared financial planning values, client care and geographic proximity in Leeds, while Steve McDermott said HEB wanted a larger organisation that could improve service, support and value for clients and colleagues without losing the personal service clients were used to.
What happens next?
McDermott and Merritt will join The Private Office, and the buyer said HEB clients will gain access to its investment solutions, platform capabilities and adviser base.
What this deal means for IFA owners considering a sale
For IFA owners considering a sale, this is a familiar type of transaction: an established local advice firm joining a larger business with broader infrastructure, while existing leadership stays involved through the transition. The rationale was continuity, fit and added capability. Owners considering a similar move may find our guide on selling an IFA, wealth management, or financial planning business or our pre-sale planning page useful starting points for their own succession plans or exit strategies.
TPO's other acquisitions
John Lamb Wealth Management - October 2019
London-based chartered financial planning firm with a team of 11, led by Paula Steele. The acquisition added approximately £90m AUM, taking TPO's total to around £1.3bn at the time, and was the firm's third London acquisition.
SRLV Financial LLP - 2019
The wealth management division of SRLV Accountants. The Private Office said the deal strengthened its London presence and added a team serving personal and corporate clients, mainly in the music, media, entertainment, hospitality and corporate sectors.
PQR Financial Planning - 2016
A London-based financial planning firm acquired to strengthen The Private Office’s position in London and champion independent advice. PQR later rebranded under The Private Office name.
Considering your next chapter?
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