Wealth manager Mattioli Woods has acquired a Glasgow-based financial planning firm in a deal worth up to £1.6m.
The deal with the Turris Partnership Limited will add £65m in assets under advice to Mattioli Woods alongside a five-strong team.
The Turris Partnership was founded by former president of the Personal Finance Society Brian Steeples, with the company set to join the wealth manager’s Glasgow office in the first quarter of 2020.
Ian Mattioli, chief executive of Mattioli Woods, said: "We put a great deal of thought into any acquisition that we consider, as it is so important to make sure it is a good cultural fit.
"It is an important acquisition for us, as we have been looking to expand our operations in Scotland, and opportunities to acquire such a well-respected business don't come along every day."
Mattioli Woods currently services more than 11,000 self-invested personal pensions and small self-administered pension schemes with assets under management of £9.4bn.
Brian Steeples, managing director at the Turris Partnership, said: "I took a long time to find the right firm and am really pleased to now be part of the Mattioli Woods Group.
"Our clients and staff will continue to benefit from our strong ethos and culture of putting the clients’ interests at the heart of everything we do.
"These values are an embedded part of both the Turris Partnership and Mattioli Woods’ operations and is a key reason why this deal is such a good fit.
"The additional resources and support available within the Mattioli Woods Group will benefit clients and staff and we very much look forward to this exciting new phase."
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