Accountancy and business advisory firm Anderson Anderson & Brown (AAB) has announced a sharp rise in assets under advice at its financial planning arm after a period of “sustained” growth.
The firm said its AAB Wealth business has racked up a £100 million increase in assets under advice (AUA) over the last 12 months, taking the firm’s total AUA north of the £300m mark. It marks the second consecutive year of increased AUA of about £100m.
The division specialises in providing a range of wealth management advice, including an integrated tax offering. AAB said the growth follows a number of “strategic developments” across the firm, most notably team expansion and investment in its client offering.
While AAB Wealth continues to grow market share in Aberdeen, it recently announced its arrival in Edinburgh. The move to the capital has enabled the firm to broaden its footprint in the Central Belt and expanding the offering in London is a further growth target, AAB added.
Earlier this year, Fraser Porter joined the firm as a partner and chief executive of AAB Wealth.
Porter is said to bring “extensive” wealth management experience to the practice, having held senior roles in the wealth management division during his 15 years with RBS Group, with a particular focus on strategy, finance and corporate governance.
Most recently, Porter was head of business development and banking services at Adam & Company. In this role, he was responsible for delivering new banking and wealth management business across the UK.
Aberdeen-headquartered AAB said the number of client-facing advisors has also been boosted with the appointment of three financial planners across the Aberdeen and Edinburgh offices.
Keith Boyes, based in the Edinburgh office, has recently relocated from Hong Kong, bringing with him international financial planning experience in addition to his experience built in Scotland prior to moving overseas.
Andrew Reynolds, also based in the capital, is said to bring a “variety of wealth management knowledge” to the AAB Wealth team having worked with both corporate and personal clients throughout his career.
Meanwhile, Martyn Paterson, who has “extensive experience in financial services” will be based in the firm’s Aberdeen office.
Porter said: “We are delighted to welcome Keith, Andrew and Martyn to the team at what is an exciting time with plenty of new opportunities and change being embraced across the firm. Each of them bring a dynamic set of skills and experience which will complement our existing team and enhance our service provision.
“The growth achieved in this last year has been incredible and can be attributed in part to a number of our strategic activities including team expansion and broadening of business strategy to cover a wider geographic market.”
He added: “We look forward, as a team, to building on the success achieved to date and continuing our focus on growth, expansion and enhancing our services to meet clients’ needs.”