Wealth manager Fairstone has acquired Dundee-based Findlay & Company Financial Services in its third deal of 2021.
The acquisition brings 1,000 clients in addition to Findlay & Company’s five advisers and four support staff, together with funds under management of more than £100m.
The firm is a whole of market advice firm specialising in investment and retirement portfolios.
Fairstone's downstream buy-out acquisition model sees it take a stake in an advice firm before integrating and then purchasing it, typically over a two-year period.
The focus of Fairstone’s approach is to attract businesses that do not want to sell today but want to grow and develop.
Lee Hartley, CEO of Fairstone, said: “We are delighted to complete the final acquisition of Findlay & Company Financial Services after working closely with Steve Race and the team since they joined our DBO programme three years ago.
“Findlay & Company Financial Services are a great firm and share our core values of placing clients at the heart of everything we do. The manner in which integration has been handled demonstrates that they are an excellent fit for us.”
Findlay & Company principal, Steve Race, said one of the main reasons it chose to join Fairstone was the firm’s professional approach and financial strength combined with its client-centric ethos.
Race said: “Joining Fairstone provides our clients with the comfort that we will be around for years to come to provide them with first-class, independent financial advice.
“Having listened to several propositions from buyers, Fairstone stood out from the crowd with their professional approach and their commitment to our customers and our company.”
In early December last year, the firm had agreed its ninth deal of 2020, incorporating Devon-based Sabre Financial via its acquisition model.
The wealth manager, headquartered in Newcastle, has 42 locations across the UK and oversees £10.6bn funds under management for over 34,000 wealth clients.
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