1825, Standard Life’s financial planning and advice business, confirmed on Monday it agreed to acquire the wealth advisory unit of Grant Thornton UK LLP.
The deal is 1825’s largest acquisition to date, increasing its assets under advice (AUA) by £1.7 billion to £5.8 billion.
“With over 100 employees, including 34 financial planners joining the business, this is a significant step forward in 1825 becoming one of the leading advice providers in the UK,” said 1825.
Led by Neil Messenger, Grant Thornton’s wealth advisory team provides advice on all aspects of financial planning including family and business finance.
1825 CEO Julie Scott said: “Today’s announcement significantly accelerates 1825’s growth plans and gives us a broader UK-wide presence.
“Demand for high quality financial planning and advice continues to grow and with over 110 financial planners we will be well-placed to help more people access advice.
“I was delighted when Grant Thornton approached us with the idea.
“We are very much aligned with our shared desire to offer the best quality advice to our clients.
“We are excited about the future and look forward to welcoming the team to 1825.”
Dave Dunckley, CEO of Grant Thornton UK LLP, said: “As we increase our focus on our strategy to provide high quality audit, tax and advisory services to our core markets, it is clear the wealth advisory team’s growth potential would be best delivered by a business focused solely on the financial advice market.
“The team’s clients will undoubtedly be better served through 1825’s approach and proposition, with the businesses sharing a natural alignment in values and goals, so it makes practical sense for the team to be in an environment in which it can flourish.
“We wish Neil and the team continued success into the future.”