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Scottish wealth manager targets English takeover

Derek Stewart said they had identified a potential target south of the Border and could be in a position to strike a deal within the next 12 months. Picture: TSPL

Derek Stewart said they had identified a potential target south of the Border and could be in a position to strike a deal within the next 12 months. Picture: TSPL

  • by DOMINIC JEFF
 

FINANCIAL advisory firm SAM Wealth yesterday laid out plans to double its business by acquiring an English competitor as it added a senior industry expert to its team.

Derek Stewart, managing partner of the Uddingston-based firm, said the company had identified a potential takeover target south of the Border and could be in a position to strike a deal within the next 12 months.

Through a combination of the acquisition and organic growth, he believes the firm should be able to double the funds under its management.

Stewart said: “We’ve built a very strong team and have invested in making sure every one of our advisers is qualified to an extremely high standard.

“We’re now in a position to look at expanding our business beyond our traditional base in Scotland, and recent regulatory changes in the sector mean there are significant opportunities for highly-qualified, experienced independent finanacial advisor businesses.”

SAM has recruited three additional support staff this month, while the business has also recently achieved chartered financial planner status.

The firm, founded by Stewart and his business partner Kenny McKenzie, also announced the arrival of new partner Alan Moore from competitor McCrea Financial Services. He previously held a senior position at Grant Thornton and for the last seven years was a director at McCrea.

Stewart said the appointment was a “coup” for SAM and would add significant strength to the team.

He added: “He’s exactly the type of innovative adviser we want to have at the firm and will play a key role in our growth in the coming months and years.”

The hire takes the firm’s total headcount to 16.

 

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