Consolidator Independent Wealth Planners UK (IWP UK) has bolstered its reach in Scotland with the takeover of Edinburgh-based wealth management firm, Sutherland Independent.

Financial terms of the deal were not disclosed.

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Sutherland adds £270m AUA to IWP and forms its East of Scotland regional hub.

Sutherland was founded in 1994 and acquired by current co-owners Jason and Ruth Betteridge in 2007. Jason will continue to be the director of the firm.

Speaking on the deal, Jason said: “As a vital, forward thinking Firm, we have chosen, in a challenging and contracting market, to partner with IWP, not only to provide longevity for the Firm and continuity of client service for the long term, but to evolve our client offering so that it continues to be the best that it can possibly be.”

IWP CEO David Inglesfield added: “Jason has created an exemplary business in Sutherland Independent and I am thrilled to welcome him and the team to IWP.

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“We look forward to supporting this business to grow and build on the excellent client service they already provide. We hope to continue our rapid growth in the area, building our position and presence in Scotland.”

Established in 2018, IWP UK offers a range of operational and support services to IFAs. These include investment research, compliance, IT, marketing, recruitment as well as training.

Recent deals by IWP

In December last year, IWP UK purchased financial planning firm Donald Wealth Management, marking its tenth deal this year.

Last November, IWP expanded its Midlands hub Alexander Grace with the acquisition of financial planning firm Bishop Armstrong Financial Planning.

Other acquisitions made by IWP last year include Hunter Hammond Daniel Associates, Beyond Financial, Carnelian Capital Management, Richmond House Wealth Management, AGL Wealth Management, and Prosper Wealth Management, among others.