1825, Standard life’s financial planning business, has agreed to acquire Cumberland Place Financial Management Ltd which has assets under advice of £400 million.

The acquisition will strengthen 1825’s London presence with the addition of 21 employees including six financial planners, three paraplanners and three investment analysts.

On completion, 1825 will have more than 75 financial planners, advising around 9,000 clients on £4 billion of their assets.

Cumberland Place Financial Management Ltd’s two founding directors, Tony Moss and Robert Goldschmidt, will continue to run the business.

Moss said: “We have built a strong business over 15 years by putting the client at the forefront of everything we do.

“1825 share these values and I am confident that this acquisition will be a tremendous success, allowing us to build on our existing foundations and provide additional resource and expertise to our clients.

“We are delighted to become part of 1825 which will provide our clients with a fantastic service proposition as well as enhanced career opportunities for our employees.”

Julie Scott, 1825 CEO, said: “I’m excited to welcome Cumberland Place Financial Management Ltd to 1825, they are a fantastic addition to the team.

“We have a strong connection as we are both passionate about the client and doing the right thing.

“As the demand for financial advice continues to grow in the UK we want to be able to offer the best service and proposition possible with a great set of experts to support them.”

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