Aberdeen-headquartered AAB Wealth is now managing assets worth more than £1 billion.
The asset management firm has acquired Edinburgh-based WealthFlow for an undisclosed sum.
The deal marks a “significant milestone” in AAB Wealth’s growth journey, bringing the total assets under advice (AUA) to more than £1 billion.
Head of AAB Wealth Andrew Dines said reaching more the milestone was an “exceptional statistic”.
AAB Wealth said the WealthFlow deal “strengthens its position as a leader in the financial planning sector, offering clients across the UK an enhanced range of services to meet specific and complex financial needs”.
Acquisition will ‘strengthen’ capabilities
The firm now has a 50-strong team of financial advisors working with clients in Scotland, England and Northern Ireland.
Andrew Dines, head of AAB Wealth, said: “This is a very exciting development as we continue to expand our service offering, and strengthen our capabilities to deliver specialist financial planning services to a wider audience.
“We’re equally thrilled to report that this exciting deal brings our total assets under advice to more than £1 billion – an exceptional statistic which speaks volumes about the trust placed in our advisors and the quality of their investment strategies.
“WealthFlow directors Duncan Glassey, Helen Learmonth and their team have built an outstanding reputation within the financial planning profession, particularly in the niche area of financial medical negligence and injury settlements, and we look forward to integrating their expertise into our operations.”
AAB Wealth a ‘great fit’
In a joint statement WealthFlow directors Duncan Glassey and Helen Learmonth said: “In AAB Wealth we have found a firm that shares our values and commitment to providing the highest standards of financial planning advice, and we can’t wait to start working with the wider team.
“We are particularly excited about the opportunities this presents for our clients, who will benefit from broader resources including specialist tax expertise.
“AAB Wealth is such a great fit for us, ensuring the most complex financial needs receive the best possible long-term support, combined with truly independent financial advice.”
AAB continuing to grow
This deal marks the third acquisition AAB Wealth has made since January 2023.
It bought fellow Aberdeen firm Kilkee Financial Services for an undisclosed sum.
The enlarged business boasts revenue of about £4.5 million and assets under advice worth a total of around £550 million.
It also has a 25-strong team of financial advisers working with clients in Scotland, England and Northern Ireland.
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