A boutique independent financial adviser (IFA) has been acquired by a UK-wide group in a move expected to “secure its long-term future”.
AGL Wealth Management, which has offices in Glasgow and Edinburgh, is the first company based in Scotland to become part of Independent Wealth Planners UK (IWP).
The UK group’s strategy is based on investing in IFA firms across the country but leaving the day-to-day management in the hands of respective local teams, who may also retain a participation in the ownership of the business.
It has been working with the AGL team for several months to secure this latest deal, which has completed for an undisclosed sum.
AGL’s five-strong team of advisers is responsible for around £100 million in assets under management and serve both corporate and private clients.
Co-owner Craig Gibson, who established the practice in 2009, was previously a founding member of RBS Private Banking and RBS Private Client Group, looking after high net worth clients, entrepreneurs and business owners.
Gibson said: “We are delighted to be working with IWP as together we have a fantastic opportunity to build something greater. We will grow our business through selective acquisitions, taking on firms that meet our high employee, client and shareholder expectations.”
IWP provides operational and support services such as compliance, IT, investment research, marketing, recruitment and training, which it claims allows its network of IFAs to spend more time with their clients.
Chief executive David Inglesfield added: “We’re very pleased that AGL Wealth Management is the first Scottish wealth planning firm to join IWP. Craig and his team are dedicated to providing the type of brilliant financial advice that stands at the heart of IWP’s mission. Together we’ll help them reach even more customers in the year ahead.”
At the end of last year Mattioli Woods, the specialist wealth management and employee benefits business, snapped up Glasgow-based peer Turris Partnership in a £1.6m deal.
Turris, which was established in 2003, specialises in providing chartered financial planning and wealth management advice to its clients, and has more than £65m of assets under advice.
Stock market-listed Mattioli Woods said the Scottish firm’s “experienced team” of five staff would be retained following the takeover.
Under the deal the group paid an initial cash consideration of £800,000 with a deferred amount of up to £800,000 in cash on the first and second anniversaries of completion, “subject to certain financial targets being met based on recurring revenue”.