One Four Nine has made its fifth purchase with an Aberdeen-based financial adviser.
The acquisition of Russell Gibson Financial Management will bring One Four Nine's overall assets under management to £800mn.
Russell Gibson Financial Management was created in 2007 and focuses on tax efficient investments, an area One Four Nine said it is a specialist in.
Scotland is a key area of expansion for usGabrielle Beaumont, One Four NineOne Four Nine managing director Gabrielle Beaumont, said the company was delighted to pair up with Russell Gibson to explore how to “strengthen this aspect of their client offering” during the acquisition.
“Scotland is a key area of expansion for us, having spent considerable time since launch seeking high quality businesses in the region whose values and commitment to excellent customer service match our own,” she said.
The deal comes a month after the consolidator bought Glasgow-based chartered financial planning firm APC Financial Solutions & Consultancy Services.
The APC team offers financial planning services across the investment and protection space.
At the time, One Four Nine said it planned to continue its acquisition strategy and had secured an additional tranche of equity funding from investors through Copper Street Capital to further facilitate “building a national footprint”.
In particular, the group said it is focusing on buying and partnering with financial advice businesses currently owned or aligned with accountancy practices and other professional services firms, as well as standalone advisory firms.
It said this includes advisers experienced in recommending tax efficient alternative investments or those looking to access this part of the advice spectrum who may not have the infrastructure, research capability or confidence to do so previously.
Last October, One Four Nine launched with the acquisition of Charter Financial Planning and Rice Whatmough Crozier, two financial advisory firms totalling seven advisers and £300mn in assets under management.
In January it bought another firm called Total Wealth Planning, adding 12 employees and £240mn AUM to the group.
The firm also has a discretionary fund manager, One Four Nine Portfolio Management, which offers active, passive and sustainable model portfolios to clients.
sally.hickey@ft.com
