1825, the advice arm of Standard Life, has agreed to buy the wealth advisory business of Grant Thornton UK.

The companies did not reveal the value of the transaction, which is expected to close in the final quarter of this year.

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Grant Thornton’s wealth advisory unit advises on family and business finance and is run by Neil Messenger.

Along with offices across the UK, it has two client support centres in Belfast and Sheffield.

The firm has more than 100 staff, all of whom will move to 1825. Of these employees, 34 are financial planners.

Grant Thornton UK CEO Dave Dunckley said: “As we increase our focus on our strategy to provide high quality audit, tax and advisory services to our core markets, it is clear the wealth advisory team’s growth potential would be best delivered by a business focused solely on the financial advice market.

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“The team’s clients will undoubtedly be better served through 1825’s approach and proposition, with the businesses sharing a natural alignment in values and goals, so it makes practical sense for the team to be in an environment in which it can flourish.”

The deal marks 1825’s eighth takeover since its inception.

It will add £1.7bn in assets to 1825’s books, taking the firm’s total assets under advice to £5.8bn.

1825 CEO Julie Scott said: “Demand for high quality financial planning and advice continues to grow and with over 110 financial planners we will be well-placed to help more people access advice.”

Earlier this year, 1825 added nearly £230m in assets through the acquisition of BDO Northern Ireland’s wealth management unit.