The firm has acquired Matheson Financial Consulting and Sonas Wealth Management as part of its plans to develop and grow the business.
The twin acquisitions add about £175m of assets to the £420m Thorntons Investments already manages on behalf of its clients.
As part of the agreement, both firms will retain their existing model and leadership before being amalgamated into the Thorntons Investments brand, “in due course”. However, the deals will see back-office systems and support functions being integrated.
The Dundee investment firm said it would continue to look at opportunities to make further acquisitions but was committed to retaining its head office in the city, adding to the “strong reputation Dundee has had as a financial centre”.
Established in 1995 as part of Thorntons Law LLP, Thorntons Investments became a company in its own right in 2014, and now has more than 30 staff working in offices across Dundee and Edinburgh.
Aberdeen-based Matheson Financial Consulting was founded by Rory Matheson in 2003 and is an independent financial adviser with £130m of assets under management (AUM).
Launched in 2017 by Chris Forde, Sonas Wealth Management provides practical financial planning services to people, families and businesses in Dundee, Angus and the surrounding areas. It currently has some £45m of AUM.
Stephen Webster, chief executive of Thorntons Investments, said: “These deals are an important milestone for us. After many successful years, we were keen to start seeking out promising partners who could help us expand our footprint and continue strengthening our financial planning proposition.
“Both Rory and Chris have built up strong reputations locally along with an enviable client base, meaning we will benefit not just from greater efficiencies of scale – which will enable us to streamline services for existing clients – but also their many years of expertise in the business.”
He added: “Both Matheson Financial Consulting and Sonas Wealth Management are hungry for growth and embody our commitment to progressive yet personal client service, so we are hugely excited about these deals and have no doubt they are the perfect fit for all of our strategic goals.”
Matheson, director at Matheson Financial Consulting, said: “We’ve had conversations with numerous potential investors over the years, but were drawn to Thorntons Investments as an adviser who genuinely understands our business and culture.
“With regulatory and operational pressures heightening year by year, this deal will not only lighten the load and enable us to devote our full attention to serving clients, but also allow our promising young advisers to flourish.”
Forde, managing director at Sonas Wealth Management, added: “The deal is a positive and natural step for Sonas Wealth Management. Teaming up with a larger local firm with aligned values and aspirations was key to me and I believe it to be beneficial for our clients and team.
“I have known and admired Stephen for many years and look forward to working closely alongside him and our new colleagues to continue to develop the aligned businesses.”