Standard Life’s financial planning business 1825 said on Monday it agreed to acquire financial advisory firm Munro Partnership Limited, which has offices in Ayr, Hamilton and Glasgow and has assets under advice of over £600 million.
This is the second acquisition within a week for 1825, which last week agreed to acquire Norwich-based independent financial advisers Almary Green, which has assets under advice of around £400 million.
After completing both deals, Standard Life will have 59 financial planners advising 8,700 clients on over £2.6 billion of their assets.
Munro Partnership will form 1825’s Scottish Regional Office, from which the business will build out across Scotland.
1825 said Munro Partnership is a thriving corporate and wealth management advice business that has been built up over 30 years.
“They offer a range of services from working with individuals on personal financial matters to assisting Scottish and national companies with their employee benefits packages and other corporate services,” said 1825.
“The business also has a dedicated advice proposition for charities and trusts.”
Munro Partnership chairman Stephen Munro and the directors led by managing director David Hughes will remain with the business.
Hughes will be responsible for building 1825’s Scottish Regional Office and will join the 1825 executive committee.
“Joining 1825 is an exciting phase in the development of our business and one which will bring increased benefits to both our employees and our clients,” said Hughes
“Having access to the resources of a national financial-planning business will ensure our clients will benefit from leading financial planning services and innovative investment solutions, which will continue to evolve as their needs and the world around us changes.”
Steve Murray, 1825 CEO, said: “We have a long-standing relationship with Munro Partnership and look forward to their highly skilled team playing a key role in broadening 1825’s reach into Scotland.
“Their reputation in the corporate and wealth management advice markets, coupled with their clear focus on bringing new talent into the industry through their graduate trainee programme, makes the business an excellent fit for us, bringing additional capabilities which will be invaluable.
“I’m delighted to welcome them to 1825 and I’m also delighted with our continued progress with building a leading, modern financial planning business.”