Standard Life arm 1825 undertakes biggest deal to date

Standard Life Aberdeen’s financial planning and advice arm has unveiled its largest acquisition to date, in a move that will add 100 staff and ramp up its assets under advice.
Julie Scott, chief executive of 1825: 'significantly accelerates 1825s growth plans'. Picture: ContributedJulie Scott, chief executive of 1825: 'significantly accelerates 1825s growth plans'. Picture: Contributed
Julie Scott, chief executive of 1825: 'significantly accelerates 1825s growth plans'. Picture: Contributed

The group’s wholly owned 1825 business has entered into an agreement to acquire the wealth advisory unit of accountancy and business advisory firm Grant Thornton UK.

Some 100 employees, including 34 financial planners, will join 1825, in a move described as a “significant step forward” in the business becoming one of the top advice providers in the UK.

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Financial details surrounding the acquisition have not been disclosed but the deal will increase assets under advice (AUA) to £5.8 billion – up by £1.7bn.

The financial planning arm is named 1825 after the year of Standard Life’s formation.

Julie Scott, chief executive of 1825, said: “Today’s announcement significantly accelerates 1825’s growth plans and gives us a broader UK-wide presence.

“Demand for high quality financial planning and advice continues to grow and with over 110 financial planners we will be well-placed to help more people access advice.

“I was delighted when Grant Thornton approached us with the idea,” she added. “We are very much aligned with our shared desire to offer the best quality advice to our clients. We are excited about the future and look forward to welcoming the team to 1825.”

Led by Neil Messenger, Grant Thornton’s wealth advisory team provides advice on all aspects of financial planning including family and business finance. As well as the UK-wide financial planning team, it has two client support centres in Belfast and Sheffield.

Dave Dunckley, chief executive of Grant Thornton UK, said: “As we increase our focus on our strategy to provide high quality audit, tax and advisory services to our core markets, it is clear the wealth advisory team’s growth potential would be best delivered by a business focused solely on the financial advice market.

“The team’s clients will undoubtedly be better served through 1825’s approach and proposition, with the businesses sharing a natural alignment in values and goals, so it makes practical sense for the team to be in an environment in which it can flourish. We wish Neil and the team continued success into the future.”

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The deal, which is the eighth acquisition since 1825 was launched four years ago, is expected to complete in the fourth quarter of the year.

At the start of March, 1825 inked a bolt-on deal to acquire the wealth management arm of BDO Northern Ireland.

The BDO operation has been established for more than 25 years ago and has assets under advice of about £230 million. The deal marked 1825’s first acquisition in Northern Ireland. As a result of the takeover, a dozen employees, including four financial planners, joined the team.