Thorntons Investments has sealed two acquisitions in a move which adds assets under management of £175m to the Dundee-based wealth manager.
The Scottish advice firm bought Matheson Financial Consulting and Sonas Wealth Management as part of its plans to expand the business beyond its current offices in Dundee and Edinburgh.
Both firms will initially retain their existing model and leadership before being combined into the Thorntons Investments brand in the future.
Matheson Financial Consulting and Sonas Wealth Management bring with them £130m and £45m assets under management respectively.
Stephen Webster, chief executive at Thorntons Investments, said the deals were an important milestone for the company.
He said: "After many successful years, we were keen to start seeking out promising partners who could help us expand our footprint and continue strengthening our financial planning proposition.
"Both firms have built up strong reputations locally along with an enviable client base, meaning we will benefit not just from greater efficiencies of scale - which will enable us to streamline services for existing clients - but also their many years of expertise in the business."
Thorntons Investments first launched to market as part of Thorntons Law in LLP in 1995, but became a a company in its own right in 2014.
Rory Matheson, director at Aberdeen-based Matheson Financial Consulting, said heightened regulatory and operational pressures in the advice space influenced his decision to sell.
Mr Matheson said: "This deal will not only lighten the load and enable us to devote our full attention to serving clients, but also allow our promising young advisers to flourish."
Chris Forde, managing director at Dundee-based Sonas Wealth Management, said: "Teaming up with a larger local firm with aligned values and aspirations was key to me and I believe it to be beneficial for our clients and team."
Wider market "race to completion"
In the wider advice market some have predicted a "race to completion" in the first months of this year amid an expected spike of advice firm sales.
The initial fallout of the coronavirus crisis saw some step away from the acquisitions market, whilst others proceeded full steam ahead undeterred by the upheaval of lockdown and market volatility.
But at the end of last year Louise Jeffreys, managing director at introducer Gunner & Co, told FTAdviser the advice market was likely to see more of the latter in the first quarter of this year.
rachel.mortimer@ft.com
