Standard Life 

Standard Life buys London-based adviser

Standard Life buys London-based adviser

1825, Standard Life's wholly owned restricted financial planning business, is to acquire Cumberland Place Financial Management Ltd with assets under advice of £400m.

Cumberland Place is a Chartered financial planning firm specialising in all aspects of advice and also offers a discretionary investment management service. 

According to Julie Scott, 1825 CEO, the acquisition will strengthen 1825’s London presence with the addition of 21 employees including six financial planners, three paraplanners, and three investment analysts. 

On completion of this acquisition 1825 will have more than 75 financial planners, advising around 9,000 clients on more than £4bn of their assets. 

Cumberland Place Financial Management Ltd's two founding directors, Tony Moss and Robert Goldschmidt, will continue to run the business post completion.

Mr Moss, director at Cumberland Place, said: "We have built a strong business over 15 years by putting the client at the forefront of everything we do.

"1825 share these values and I am confident that this acquisition will be a tremendous success, allowing us to build on our existing foundations and provide additional resource and expertise to our clients.

"We are delighted to become part of 1825 which will provide our clients with a fantastic service proposition as well as enhanced career opportunities for our employees."

Ms Scott said: "I am excited to welcome Cumberland Place Financial Management Ltd to 1825, they are a fantastic addition to the team.

"We have a strong connection as we are both passionate about the client and doing the right thing.

"As the demand for financial advice continues to grow in the UK we want to be able to offer the best service and proposition possible with a great set of experts to support them."

The transaction is expected to complete in the first half of 2018 subject to certain conditions being satisfied, including receipt of regulatory approvals.

Ms Scott took over as chief executive of 1825 late last year as part of a management shake-up.

Former chief executive, Steve Murray, took on the newly created position of chairman.

Ms Scott was chief operating officer of 1825.

At the same time Michael Wall joined 1825's senior leadership team from Old Mutual Wealth to focus on business development.