The Private Office Leeds makes first acquisition in seven years, adding £100m in assets under management as Goldman-backed growth strategy takes shape

Leeds-headquartered wealth manager The Private Office Leeds has acquired fellow Leeds firm HEB Wealth, adding approximately £100 million in assets under management and taking the group’s total AUM past £3.1 billion. The deal, for an undisclosed sum, is TPO’s first acquisition in seven years and comes just three months after Goldman Sachs Alternatives became a minority shareholder in the business in January 2026. TPO’s annual turnover now stands at £30 million, with 182 staff, 53 advisers, and more than 5,500 clients across individuals, businesses, and charities.

Why HEB Wealth

HEB Wealth is led by managing director Steve McDermott and director Elaine Merritt, both of whom are joining The Private Office Leeds as part of the deal. TPO says the acquisition represents a cultural and strategic fit, with both firms sharing a commitment to independent financial planning and client care. HEB’s Leeds location, close to TPO’s head office at 2 The Bourse on Boar Lane, also supports operational integration.

The timing is significant. TPO has grown almost entirely through organic growth over the past decade, building what it describes as a highly profitable model for nurturing talent and expanding its client base.

“Our success in building a highly profitable business organically has put us in a strong position to make selective acquisitions that complement our growth strategy. HEB is a perfect fit, culturally aligned, geographically close and committed to the same principles of client care and financial planning excellence.”

— Stuart Phillips, CEO, The Private Office

TPO’s Leeds Story

The Private Office was founded in Leeds in 2008 and has grown into one of the UK’s largest Chartered independent financial advice firms, operating from its head office at The Bourse plus offices in London and Birmingham. The firm holds Corporate Chartered Status from the Chartered Insurance Institute and has been named in FT Adviser’s Top 100 for seven consecutive years and won Chartered Financial Planning Firm of the Year at the PFS Personal Finance Awards in 2022/23.

Why this matters for Leeds

The Private Office is one of Leeds’ homegrown financial services success stories, founded in the city in 2008 and grown to £3.1 billion in assets under management in the past seven years. With182 staff, £30 million turnover, and a head office at The Bourse, TPO is a significant employer in Leeds’ financial services sector. The acquisition of a fellow Leeds firm keeps those assets and jobs in the city.