Succession Holdings has acquired Edinburgh Investment Consultants for a total consideration of £6.2m.
With offices in Edinburgh and Glasgow, the firm brings £120m of funds under management to the national wealth management advisory arm, Succession Group.
Simon Chamberlain, group chief executive at the vertically integrated consolidator, explained that EIC joined nine months ago with a clear agenda to build value and capital into an already “high-performing” business model.
In acquiring EIC, Succession has expanded its network of client servicing hubs and can now offer a dedicated office in Glasgow’s city centre.
Lesley Mackintosh, chief executive at EIC and founder of subsidiary brand Independent Women, commented that she has no plans to exit the industry, so the deals allows her to enjoy a capital event now, while still remaining very active in the business.
“Acquired firms are driving Succession Group’s business growth and former practice principals are being appointed to senior positions - any other consolidator would expect us to leave our keys through the letterbox.
“Firms acquired by Succession are still able to provide the services their clients expect, with independent, holistic advice remaining pivotal to their service proposition,” she added.
Mr Chamberlain said this approach means acquired firms do not have to sacrifice their principles around independence.
He said: “When you see IFAs selling their client banks to the restricted proposition of other consolidators, you have to ask how their clients feel about that,” he added.
Succession plans to acquire 50 of the best firms from its 80-strong membership by the end of 2017.
peter.walker@ft.com
