The Tenet Group  

Tenet acquires Edinburgh-based IFA

Tenet acquires Edinburgh-based IFA

Tenet has acquired an Edinburgh-based IFA firm in a deal that will add £58m of assets under management to the network.

The acquisition of Forth Financial Services Limited is Tenet’s first practice buyout in Scotland and will see two financial advisers and one mortgage adviser join the company. 

Tenet launched its practice buy-out scheme in January last year to offer its network member firms an exit strategy and since then has acquired 15 adviser practices.

Forth Financial will keep its branding and joint director Tom O’Neill is set to retire from the business. 

Mark Scanlon, chief executive at Tenet, said Forth Financial began its relationship with Tenet as a network member before becoming directly authorised and maintaining contact via its compliance services. 

Mr Scanlon said: "I’m delighted that Forth has chosen to continue its journey with Tenet. 

"We look forward to welcoming Brad Cumming, Steven O’Neil and Andrea Riddell as Tenet advisers and wish Tom O’Neil all the best in his retirement."

Brad Cumming, joint director at Forth Financial Services, said: "We have had a working relationship with Tenet for over 17 years and therefore the group has an excellent knowledge of our working practices and the profile of our clients. 

"This synergy between the two companies will only enhance our ongoing and future client offering and the team at Forth Financial is delighted to be re-joining the Tenet brand."

Earlier this year Tenet completed practice buyouts of two Preston-based advisers, Colin Galbraith Independent Financial Services and Derbyshire Booth.

Both deals were part of the firms’ succession planning and part of  Tenet’s plan to bolster its presence in the north west of England. 

rachel.mortimer@ft.com

What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know.