A Poole investment firm now has more than £600m worth of assets under management after acquiring another business.

Lewis & Co (Investments & Pensions) Ltd, which trades as Lewis Investment, has acquired Inspire Financial Services Limited (IFS) for an undisclosed sum.

The company, which employs four people, has now been renamed Ingenuity Financial Services Limited.

Its directors will be Howard Pearce, pictured right, Tim Lewis and Lee van Hoyland.

A joint statement said: “Having made the difficult decision to sell, the existing shareholders took into account a number of considerations including how best to provide improved services to their client base with ever-increasing regulatory costs.

“By combining resources and infrastructure within a larger financial services company this could be achieved.

“The change in ownership – which has been approved by the Financial Conduct Authority (FCA) – provides an additional benefit for the IFS team of a home where there will be opportunities for professional growth and development, with a wealth of experience on hand.

“Having known Lewis Group Managing Director, Tim Lewis, for a number of years it was felt that Inspire and Lewis share a strong culture of looking after clients in a fair and proactive manner, providing the very best ongoing advice.”

Although Ingenuity Financial Services is now part of the Lewis Group of businesses, it will operate under its own brand.

The acquisition of IFS does not affect the business or clients of Inspire Professional Services which provides business and tax advisory services.

Its ownership is unchanged.

Tim Lewis said: “I am very proud to announce the acquisition of IFS which provides an opportunity to strengthen our existing group.

“This acquisition fits perfectly with our strategy to build a group of high quality professional advisers increasing our innovation capabilities.

“We are pleased to welcome Howard [Pearce, Chartered Financial Planner] and the entire IFS team to the Lewis Group.”

The acquisition of IFS brings the number of people employed by Lewis Group to 43.

It was founded by Tim Lewis in 1987.