Standard Life’s financial planning arm 1825, a restricted business, has agreed to buy advisory firm Baigrie Davies in a £400m deal.
The former independent advisory firm Baigrie Davies will become 1825’s London regional office, with 30 employees, including 11 financial planners and five paraplanners.
Ian Howe, Baigrie Davies’ managing director, will continue to run the business and be responsible for the London office. He will also join the 1825 executive committee.
On completion, founder Arthur Davies will remain with the business, while his co-founder Tom Baigrie will leave to concentrate on his other business LifeSearch.
On completion of the Bagrie Davies takeover, combined with the earlier purchases, 1825 will have 70 financial planners advising 9,400 clients on £3bn of assets.
Mr Howe said becoming part of 1825 is the natural next phase in the evolution of the business. “We’ve taken Baigrie Davies to a point where we feel more resource is needed to continue to grow the business and provide the best possible proposition and service to our clients.
Steve Murray, 1825’s chief executive, said that being one of the early adopters of Standard Life’s Wrap platform, means there is a long-standing relationship with Baigrie Davies.
“Establishing a further presence in London is important to our ambition of building a financial planning business of significant scale so we’re delighted to welcome the Baigrie Davies team to 1825”.
The sale is subject to FCA approval.