Standard Life’s financial planning business 1825 said it agreed to acquire Bristol-based Fraser Heath Financial Management, which has assets under advice of £352 million.

After the the deal, 1825 will have more than 70 financial planners advising around 8,500 clients on around £3.7 billion of their assets.

Formed 15 years ago, Fraser Heath offers a tailored service in wealth management, retirement planning and workplace pensions.

Having worked together for 20 years, Fraser Heath’s leadership team of Jim Collier, Alan Loomes and Mark Fletcher will continue the day to day running of the business post completion.

Collier, also becomes Managing Director for the South West Regional Office and will join the 1825 executive committee.

Collier said: “In coming to this decision, we’ve undertaken a full due diligence process on 1825 and through this we’ve found that we share a number of core beliefs, including a focus on long-lasting client relationships, a similar culture and comparable investment solutions.

“We’re also looking forward to benefiting from being part of a larger group, from sharing and accessing resource, to further development of our people and fantastic career opportunities.”

Julie Scott, 1825 CEO, said: “Fraser Heath is a great addition to our business and we welcome them to 1825. Establishing a regional office in the South West extends our financial planning footprint even further across the UK.

“It’s just over two years since we launched 1825 in response to the growing demand for financial advice and there are many more exciting opportunities out there as we continue to create a financial planning business of significant scale.

“We remain focused on growing 1825 and helping our clients plan to live the life they choose.”

The transaction is expected to complete in the first quarter of 2018 subject to certain conditions being satisfied, including regulatory approvals.