Standard Life has bought a Glasgow-based IFA firm to help build its Scottish regional office.
Munro Partnership, which has offices in Ayr, Hamilton and Glasgow, will form Standard Life’s advice business 1825’s Scottish regional office, which will be built across the country.
The deal, which follows last week’s acquisition of Almary Green, takes 1825’s assets to £2.6bn.
David Hughes, managing director of Munro Partnership, said: “Joining 1825 is an exciting phase in the development of our business, and one that will bring increased benefits to both our employees and our clients.
“Having access to the resources of a national financial planning business will ensure our clients will benefit from leading financial planning services and innovative investment solutions, which will continue to evolve as their needs and the world around us changes.
“Importantly, both 1825 and Munro Partnership are focused on developing their people and joining 1825 will ensure that our employees have even more opportunities to progress and develop personally.”
Munro Partnership’s chairman, Stephen Munro, and the directors, including Mr Hughes, will remain with the business post acquisition. Mr Hughes will be responsible for building 1825’s Scottish regional office, and will join the 1825 executive committee.
Steven Murray, chief executive of 1825, said: “We have a long-standing relationship with Munro Partnership, and look forward to their highly skilled team playing a key role in broadening 1825’s reach into Scotland.
“I’m delighted to welcome them to 1825, and I’m also delighted with our continued progress with building a leading, modern financial planning business.”
1825 was set up in 2015 when Standard Life bought Pearson Jones.
The transaction is expected to complete by the end of July, and when that happens Standard Life will have 59 financial planners advising 8,700 clients on more than £2.6bn of their assets.
Adviser view
Martin Dodd, a financial adviser with West Midlands-based Midlands Investment Agency, said: “It doesn’t bother me that these companies are buying up advice firms – I just don’t think they are the right people to deliver advice.
“Financial advice is about relationships, and I am not convinced that pension companies have the capacity and ability to curate those relationships.”
