Financial planner Tenet has bought Forth Financial Services, a financial advisory business headquartered in Edinburgh.
The deal, whose financial terms were not revealed, is Tenet’s first acquisition in Scotland.
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Forth director Brad Cumming said: “We have had a working relationship with Tenet for over 17 years and therefore the group has an excellent knowledge of our working practices and the profile of our clients.
“This synergy between the two companies will only enhance our ongoing and future client offering and the team at Forth Financial is delighted to be re-joining the Tenet brand.”
The latest purchase was executed under the practice buyout scheme of Tenet.
Forth has £58m in assets under management. The company, a network member firm of Tenet, will continue to operate under its existing brand.
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By GlobalDataForth began as a network member of Tenet and later was directly authorised, Tenet CEO Mark Scanlon noted.
“We look forward to welcoming Brad Cumming, Steven O’Neil and Andrea Riddell as Tenet advisers and wish Tom O’Neil all the best in his retirement,” Scanlon added.
The latest buy continues Tenet’s recent consolidation activities.
In April this year, Tenet purchased Derbyshire Booth– a wealth management firm based in Preston.
Tenet also acquired Preston-based Colin Galbraith Independent Financial Services this year.
