Standard Life’s financial planning unit 1825 has agreed to buy London-based IFA Baigrie Davies to set up a presence in London.

The deal will add nearly £400m in assets under advice to 1825’s portfolio.

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The new London office of 1825 will operate with a workforce of 30 that will include 11 financial planners and five paraplanners.

Baigrie Davies managing director Ian Howe will run the new London business, as well as will join the firm’s executive committee.

Baigrie Davies founder Arthur Davies will also remain with the business, while co-founder Tom Baigrie will depart to focus on his other venture, UK’s protection broker LifeSearch.

The deal is scheduled to close in the third quarter of 2016, subject to regulatory approvals.

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The acquisition of the London IFA marks the third acquisition by Standard Life within three weeks, following agreements to acquire Almary Green in East Anglia and Munro Partnership in Scotland.

Following completion of these deals, Standard Life will have 70 financial planners and £3bn in assets.

1825 CEO Steve Murray said: "Baigrie Davies is a high quality firm with a team of talented, professional and dedicated individuals. Being one of the early adopters of Standard Life’s Wrap platform, we have a long-standing relationship with Baigrie Davies. As a CISI Accredited Planning business, they are extremely well respected within the profession".

"Establishing a further presence in London is important to our ambition of building a financial planning business of significant scale so we’re delighted to welcome the Baigrie Davies team to 1825."