Groupe Allen has entered the UK wealth management industry by acquiring Altyx Financial Planning, a London-based advice firm specialised in supporting French nationals.

The French firm said the deal for the five-person advisory makes it the first independent wealth management group from the country to establish a presence in the UK via an acquisition.

The move is aimed at strengthening cross-border Franco-UK wealth and tax support, which Groupe Allen estimated impacts between 200,000 and 250,000 French nationals based in the UK.

The firm already advises approximately 2,700 families and entrepreneurs with €2bn (£1.8bn) of assets under management. It has offices in Paris, Lyon, Toulouse, Montélimar, Brussels and Luxembourg.

Groupe Allen has also acquired subsidiary, Altyx Corporate, which advises companies on retirement and employee benefits issues.

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Sandrine Genet (pictured), founder and chair of Groupe Allen, said: “London is home to between 200,000 and 250,000 French nationals, often facing complex wealth situations, with the UK financial marketplace being one of Europe’s leading financial centres.

“Groupe Allen’s ambition for several years has been to become the French benchmark in wealth advisory services for families and entrepreneurs on a European scale.

“We have always intended to have a presence in the UK and now Altyx provides us with the credibility and local roots needed to establish ourselves there.”

Bérangère Salembien, managing director of Altyx Financial Planning, added: “We are delighted by this acquisition by Groupe Allen, a group determined to establish itself in the United Kingdom.

“From our very first meeting, it became clear that Sandrine and I shared the same ethics and vision on how best to serve our clients.

“Such alignment is quite rare, and it’s what made us want to move forward together.”