The purchase of the financial planning and investment assets of the Tayside firm has been described as “a significant move” for the Brewin Dolphin office in the city. The move sees it add 150 clients.
Brewin Dolphin, which earlier this week released its first-half results, said the acquisition came about as a result of a “longstanding professional relationship” between David Hogg, one of the directors and owners of Clark Thomson Mortgagefinders, and the head of Brewin Dolphin’s Dundee office, Ian MacDonald.
Hogg is now set to retire after 35 years in the industry.
MacDonald said: “As people’s financial lives become more complex, and the economic climate more uncertain, we have seen an increasing need for trusted and expert advisers to take the strain from those who need help with their finances.
“We are keen to continue serving the financial needs of our local clients, with the strength and influence of the Brewin Dolphin name behind us.
He added: “I have known David Hogg for over 25 years and have every confidence that he ran a quality business. Our styles and philosophy are very similar, and I saw his clientele as being a good fit for us.”
Hogg added: “Being the only investment adviser at Clark Thomson MortgageFinders meant there were limited options for us, and so with three experienced financial planners in the Brewin Dolphin Dundee team, this means they can offer professional advice and a wider range of services.
“As I am retiring, the acquisition does not involve taking on any employees, who will remain with Clark Thomson Mortgagefinders, giving advice on mortgages and non-investment life insurance policies, which is headed up by owner/director Maureen Dye.”
Brewin Dolphin’s Dundee office was established in 1998 and currently has a team of 13.
Earlier this week, the firm said it had increased its funds under management and first-half profits, while growing its headcount north of the Border.
Total funds stood at £39.7 billion at the end of March – up on the £37.8bn recorded a year earlier, though slightly down on the £40.1bn at the close of the last financial year. Since the end of March, total funds have increased and stood at about £41bn at the end of April.
Although the firm does not break out its Scottish-only numbers, the funds were also said to be up in Scotland, where Brewin Dolphin’s headcount grew to 209 in Edinburgh, 38 in Glasgow, 23 in Aberdeen, and 13 in Dundee.