Standard Life’s financial planning business, 1825, has agreed to purchase Scottish IFA Munro Partnership, which has over £600m of assets under advice.
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The deal follows recent acquisition of East Anglian business Almary Green, as well as the purchase of Pearson Jones in May 2015.
The transaction is scheduled to close by the end of July 2016, subject to certain conditions being satisfied, including receipt of regulatory approvals.
1825 said the Munro acquisition will enable it to establish Scottish regional office, from which the business will build out across Scotland.
As part of the deal, Munro Partnership chairman, Stephen Munro, and the directors including managing director David Hughes, will remain with the business.
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By GlobalDataAlso, Hughes will build 1825’s Scottish regional office and will join the 1825 executive committee.
Following the completion of the acquisitions of Munro Partnership and Almary Green, Standard Life will have 59 financial planners advising 8,700 clients on over £2.6bn of assets.
Founded in 1982, Munro Partnership is a corporate and wealth management advice business, which offers a range of services from working with individuals on personal financial matters to assisting Scottish and national companies with their employee benefits packages and other corporate services. It also provides advice proposition for charities and trusts.
Hughes said: "Joining 1825 is an exciting phase in the development of our business and one which will bring increased benefits to both our employees and our clients.
"Importantly, both 1825 and Munro Partnership are focused on developing their people and joining 1825 will ensure our employees have even more opportunities to progress and develop personally."
1825 CEO Steve Murray said: "We have a long-standing relationship with Munro Partnership and look forward to their highly skilled team playing a key role in broadening 1825’s reach into Scotland."
