Gilson Gray Financial Management (GGFM), the financial services arm of legal firm Gilson Gray, has bought North Berwick-based Wallace Financial Planning for an undisclosed amount.
The deal saw Gilson Gray’s assets under management jump by 20 per cent, but no final figures were revealed in an announcement today (September 21).
Gilson Gray is a senior partner practice of St James’s Place Wealth Management.
It said the acquisition of Wallace Financial Planning was worth “seven-figure[s]”, and that it marks the “first step” in its growth strategy.
The deal adds wealth management to Gilson Gray’s existing legal and property services in East Lothian.
[This] is the first of what we hope will be a series of deals in the months ahead.Steve Herkes, Gilson Gray Financial ManagementScott Wallace, the former owner of Wallace Financial Planning, will join Gilson Gray’s financial arm as an adviser.
He will be responsible for advising existing private clients as well as those who are joining the Gilson Gray fold.
Wallace Financial Planning will rebrand to become part of Gilson Gray, but will retain its current office premises in North Berwick.
“The acquisition of Wallace Financial Planning is the first of what we hope will be a series of deals in the months ahead that will significantly enhance our wealth management footprint across Scotland,” said Steve Herkes, managing director of Gilson Gray Financial Management.
ruby.hinchliffe@ft.com
