An Aberdeen financial planning firm is now managing assets worth £1.8 billion after a major acquisition.
AAB Wealth has acquired Magus Wealth of London in a deal it describes as “transformative”.
It adds £650 million in assets under advice and significantly expands the AAB’s UK footprint.
AAB Wealth is part of AAB, a group that now employs over 1,000 people, with more than 130 of those are based in Aberdeen, where the group is headquartered.
AAB Wealth grows UK team
Andrew Dines, head of AAB Wealth, said the acquisition represents a key step in the firm’s national growth strategy.
It follows the acquisition of Edinburgh-based WealthFlow for an undisclosed sum last September – one of four acquisitions AAB has made in the last two years.
“Joining together two highly regarded firms, doubling the size of our team and extending our services into the London market, is a transformative step,” Mr Dines said.
“It reflects our unwavering dedication to providing exceptional financial planning services across the UK.”
Founded in 1998, Magus Wealth operates out of Gatwick and the City of London.
The acquisition remains subject to regulatory approval.
Michael Aitken, founder and chairman of Magus Wealth, said: “From our very first conversations it was clear that our values and vision for providing the very highest quality, client-focused financial planning, were perfectly aligned.”
“AAB Wealth’s reputation for excellence and innovation in financial planning makes this a perfect fit.
“We are delighted to become part of a firm that prioritises both client success and professional growth for the team, and we look forward to continuing to expand the business across the UK.”
AAB’s Aberdeen roots to global reach
AAB Group started life in Aberdeen in 1990 as Anderson Anderson & Brown, initially providing accountancy services in the north-east.
Since then, the business has grown significantly, bringing together long-established firms across the UK, Ireland and the USA.
With backing from private equity firm August Equity, AAB has tripled in size since 2021. Today, the group has 14 offices and operates in over 150 countries.
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