Succession Group has completed a £6.2m deal to acquire Edinburgh Investment Consultants.
The deal is the firm’s biggest acquisition this year, and will add £120m of funds under management to Succession’s national wealth management advisory business.
Last month, the firm completed four further acquisitions, bringing total assets under management to £10.5bn, and laid out plans to acquire 50 businesses by the end of 2017.
The deal comes nine months after EIC joined Succession as a member business, and all staff, including chief executive Lesley Mackintosh, are expected to join Succession.
It will also provide Succession with its first dedicated office in Glasgow.
Mackintosh says: “I have no plans to exit the industry, and this acquisition allows me to enjoy a capital event now while still remaining very active in the business, particularly continuing to give the same advice and service to my clients as I have done to date. ”
Succession chief executive Simon Chamberlain adds: “Succession’s client-centric approach means acquired firms do not have to sacrifice their long-held and hard-fought principles around independence and our three specialist client propositions ensure an uncompromising continuity of service.
“When you see IFAs selling their client banks to the restricted proposition of other consolidators, you have to ask how their clients feel about that.
“Acquired businesses, including the owners and their teams, are quickly integrated into our framework, which combines financial planning and advice with comprehensive investment services – providing the widest choice of funds available and a robust governance to manage them – to help clients achieve their unique and individual financial goals.”
Succession was advised on the acquisition by law firm Foot Anstey.