Standard Life’s financial planning business 1825 has entered into an agreement to acquire Jones Sheridan, with assets under advice of about £350m.
This will establish 1825’s north west England regional office, with 30 employees, including seven advisers and four paraplanners.
Crewe-based Jones Sheridan’s leadership team, headed by managing director David Williams and chairman Stuart Banks, will stay with the business post completion to help grow and develop the office.
Mr Williams will take on overall responsibility for the office and will also join the 1825 executive committee.
He stated that having built the business up over the last 16 years, now was the right time to take it to the next stage.
“The breadth of the 1825 proposition will enable us to offer our clients market leading solutions for all their planning needs,” said Mr Williams.
“1825 can also offer us the resources and scale to enable the business to grow and prosper, while offering our people the development opportunities available by being part of a larger organisation.”
Steve Murray, 1825’s chief executive, added that as past acquirers of adviser businesses themselves, the team at Jones Sheridan are experts at the integration process. “They are highly motivated professionals who place clients at the heart of everything they do.”
The transaction is expected to complete early in the fourth quarter, subject to certain conditions being satisfied, including receipt of regulatory approvals.
On completion, and with other recently announced acquisitions, 1825 will have 75 financial planners advising over 9,300 clients on around £3.3bn of their assets.
Founded last year when Standard Life bought Pearson Jones from Skipton, 1825 offers restricted advice with products from a list of providers including Canada Life, Axa, Novia, Prudential and Cofunds.
Back in May, Mr Murray told FTAdviser his focus was on growing the business after reports of several staff leaving.
He added: “Movement of staff is expected in any organisation, as are retirements, especially in a firm of a reasonable size.
“Our key focus has been to support the seamless transition of clients to new advisers to ensure there is no upheaval or uncertainty.
“We are continuing to focus on growing our business and meeting the needs of our clients – we have made several key hires into 1825 to add to the great range of talent we already have.”
Former deputy managing director of Pearson Jones Peter Heckingbottom left the company, as did Jonathan Lee, the former head of tax and trusts.
Clive Grant, the former head of the Sheffield office, retired in April, while Harry O’Connor left to set up a firm which is an appointed representative of 2Plan Wealth Management.
In April 1825 announced the takeover of Baigrie Davies.
peter.walker@ft.com
