Mergers and acquisitions  

Clifton AM adds £180mn AUM with Aberdeen-based adviser

Clifton AM adds £180mn AUM with Aberdeen-based adviser
Anthony Carty, group financial planning director at Clifton Asset Management

Clifton Asset Management has bought Aberdeen-based advice firm Burnett & Reid Wealth Management, as it eyes further acquisitions this year.

In an announcement today (July 18), the firm said the deal comes after it received a significant first round of funding from independent asset manager, Boost & Co.

Burnett & Reid is an IFA that has been advising individual clients and businesses since 1991. 

With assets under management of £180mn, the purchase of B&R will take Clifton’s total assets under management to £860mn, with group revenues of circa £8mn.

B&R director and financial adviser Colin Morgan, said: “Clifton has a like-minded attitude to client care to us. 

“Yes, they are a larger firm offering comprehensive technical innovation that is difficult to achieve as a smaller entity, however our final decision was based on getting to know their team and seeing their commitment to fairness in their dealings with us, and ultimately, the clients.”

Since acquiring Plan for Life in 2019, Clifton has been acquiring smaller advice firms, such as B&R, to join the group via acquisition or appointment representative status. 

In August 2021, Clifton completed the acquisition of Leonard Gold Financial Management, after preparing for the deal for two years.

Clifton first announced the purchase of Leonard Gold Financial Management in September 2019 as part of its plans to build a regional network of small advice businesses.

Clifton group financial planning director Anthony Carty, said: “Colin and John at B&R have built an excellent business providing a first-class financial planning service to their clients and professional connections. 

“We are delighted to welcome the B&R team to the Clifton family and will ensure that their clients continue to receive great advice - which is so important in these challenging times.”

The group said its additional funding will allow it to make further acquisitions, creating a number of additional jobs. 

Carty added: “These are exciting times for all concerned. In addition to creating jobs and accelerating growth, the recent first round of funding will also enable us to continue our technological innovation, ensuring that we continue to lead the way with our technology-forward approach.

“We have a growing pipeline of potential acquisitions, and we hear from ongoing conversations that our proposition is forward thinking and compelling. We are happy to explore options with other firms thinking about their exit strategy.”

sonia.rach@ft.com 

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