An Aberdeen-based financial services firm with £180 million of assets under management (AuM) is today under new ownership.
Bristol company Clifton Asset Management said it had acquired Burnett & Reid Wealth Management (BRWM), of Queens Road. The value of the deal was undisclosed.
BRWM has been advising private clients and businesses since 1991, As of March this year, it was owned by shareholders including Annabel Morgan, John McCafferty, Sandra McCafferty, Stewart Addison and Lesley Addison.
Employing six people on average during the year to March 2022, including managing director Colin Morgan and Mr McCafferty, it was a sister company of Aberdeen and Banchory-based Burnett & Reid.
Our final decision was based on getting to know their team and seeing their commitment to fairness in their dealings with us and, ultimately, the clients.”
Colin Morgan, now of Clifton Asset Management.
Mr Morgan and the rest of the BRWM team are now part of Clifton, which has a string of other acquisitions planned for later this year or early 2023.
It is already at advanced stages with two firms and having “positive discussions” with others.
A spokesman for the company added: “Clifton are looking at advisory firms, with the most important aspect being the culture of the firm and the relationship with their clients.”
Deal takes group’s AuM to £860m
Clifton’s latest acquisition takes its total AuM to £860m and group revenue to about £8m. The company’s “buy and build” acquisition strategy was recently bolstered by an undisclosed investment from independent asset manager Boost & Co which Clifton says will help to drive its acquisition strategy faster towards its ambition of £5 billion of AuM within five years.
Clifton financial planning and business development director Anthony Carty said: “Colin and John… have built an excellent business providing a first-class financial planning service to their clients and professional connections.”
BRWM clients will continue to receive “great” advice, which is “so important in these challenging times”, Mr Carty said, adding: “These are exciting times for all concerned.
“In addition to creating jobs and accelerating growth, the recent first round of (Boost) funding will also enable us to continue our technological innovation, ensuring we continue to lead the way with our technology-forward approach.
“We have a growing pipeline of potential acquisitions, and we hear from ongoing conversations that our proposition is forward-thinking and compelling.
“We are happy to explore options with other firms thinking about their exit strategy.”
Mr Morgan said: “Clifton has a like-minded attitude to client care to us. Yes, they are a larger firm offering comprehensive technical innovation that is difficult to achieve as a smaller entity, however, our final decision was based on getting to know their team and seeing their commitment to fairness in their dealings with us and, ultimately, the clients.”
William Robertson, partner in BRWM’s former sister company, said: “For the avoidance of any confusion, the acquisition does not involve Burnett & Reid LLP and we continue our long heritage as Aberdeen’s oldest independent law firm.”
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