Financial services veteran Douglas McCrea sells Glasgow money planning firm after 24 years

Financial services veteran Douglas McCrea has sold the Glasgow-based money planning business he has built up over the last 24 years.

Advice and fund management group One Four Nine has acquired McCrea Financial Services on undisclosed terms, marking its largest acquisition to date. The deal expands the group’s UK footprint with 31 advisers now servicing 4,000 clients with £1.3 billion of assets from seven locations, including Aberdeen, plus its London headquarters.

Established in 1999, McCrea Financial Services has individual and corporate clients throughout the UK, but primarily focused on the west of Scotland. It was one of the first firms in the UK to be awarded Investors in People Platinum status which it still holds.

McCrea, managing director of McCrea Financial Services, who will remain in place, said: “We felt the emphasis [One Four Nine] place on looking after clients was paramount. They are very much a people business both with staff and also with their aim to look after both new and existing clients which is very much at the heart of how we have built McCrea over the last 24 years. After almost 40 years in the industry I felt a huge responsibility to ensure the future of our staff and clients are in good hands for the many years ahead.

“Having spoken to many companies over recent years they were a stand out and my staff and I are looking forward and excited for the next stage in our journey as part of a nationwide, independent advisory firm delivering excellence in customer service looking after our clients.”

One Four Nine said the acquisition of McCrea was a further step in its “comprehensive plans to build a nationwide, integrated financial advice and fund management business”. It follows the recent expansion of its leadership team with the appointment of Barry Strathearn joining as chief compliance officer and Stuart Harding assuming the chief operating officer role. A further strengthening of the senior team is set to be announced in the coming weeks.

Chief executive Matthew Bugden said: “This is the single largest purchase we have made and highlights the depth and scale achieved in just over a year. We are now a sizeable business overseeing more than £1.3bn of client assets and expect to continue this progress over the next 12 months. With seven locations now established across the UK, plus our head office and an experienced and entrepreneurial leadership team in place, our integration strategy will now be rolled out to drive operational efficiency, and enable our high quality advisers to spend more time delivering excellent service to our valued customers.”

Chief financial officer Patrick Goulding added: “I have got to know Douglas well over recent months. He is an exceptional individual with a tremendous track record and a strong work ethic. We are delighted that he will be continuing with the business and we know he and his excellent team will remain focused on their core strengths of client advice and business development. A high-calibre firm such as McCrea choosing to join our business is a strong endorsement of our strategy and we look forward to attracting similar high quality firms to the One Four Nine Group.”