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Old Mutual Wealth snaps up Scottish advice firm

Old Mutual Wealth snaps up Scottish advice firm

Old Mutual Wealth has bought a Scottish financial advice firm.

The acquisition of DG Pryde, based just outside Edinburgh, has gone ahead for an undisclosed sum.

It adds £200m in assets under advice to Old Mutual Wealth Private Client Advisers, Old Mutual Wealth's national financial planning business.

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Douglas Pryde, founder and director of DG Pryde, said: "After spending 30 years building DG Pryde, and having conducted extensive due diligence on potential buyers of my business, I am happy that my clients are being left in capable hands.

"I look forward to working with Old Mutual Wealth Private Client Advisers as a consultant to ensure clients continue to receive the tailored experience they are familiar with."

While DG Pryde, which was founded in 2005, is based in Duns, in Scotland, the majority of its clients are located in London and the south east.

Old Mutual Wealth Private Client Advisers was established in 2015 and employs more than 50 financial advisers across the UK.

Dominic Rose, director at Old Mutual Wealth Private Client Advisers, said: "This is a fantastic opportunity to grow our business and give DG Pryde’s clients continued access to quality, face-to-face financial planning.

"As a firm that has focused on providing a personalised service, DG Pryde is a good cultural fit with Old Mutual Wealth Private Client Advisers."

damian.fantato@ft.com