Scottish financial planning business Gilliland Neilson Brown (GNB) has acquired the client portfolio of East Dunbartonshire-based Prudent Financial Management.
The deal takes GNB’s funds under management to £100m ($130m, €117m) from £80m.
Three of Prudent’s directors, all of whom originally worked for Prudential, are set to retire
The fourth, who was not named in the press release, is joining GNB.
The financial terms of the deal were not disclosed.
Part of a larger plan
Richard Gilliland, chairman of GNB, said: “The acquisition is part of Gilliland Neilson Brown’s assertive growth strategy, with further acquisitions being actively sought in order to reach a target of funds under management of £250m.
“Prudent have traded for around 20 years and the retirement of its directors offered a rare opportunity within the market for the acquisition of clients of an extremely well-run and successful business.
“This acquisition, against the current economic backdrop, represents a positive news story of a firm with an 18-year heritage thriving and looking to expand throughout Scotland.”
Bolstering Sipp market
Independent self-invested personal pension (Sipp) and small self-administered scheme (Ssas) specialist Talbot and Muir has bought Leeds-based The Pensions Partnership Limited from Group IFA.
The acquisition will add approximately 380 Sipps and 360 Ssass to Talbot and Muir’s existing book.
The deal will take the firm’s assets under administration over £3.5bn.
The Sipp book will be administered in the current Talbot and Muir office in Nottingham, while the Ssass will continue to be administered out of the existing Leeds office.
Talbot and Muir will take over the lease on the Leeds office, and all permanent staff will be retained.
Expanding footprint
Graham Muir, director at Talbot and Muir, said the deal is “another important part of our growth strategy”.
“We have been looking to expand our footprint in the north of England and this business provides an excellent opportunity for us to do this,” he added.
“We do not undertake acquisitions lightly and it is important to identify those businesses that are well run and have high quality staff.”
The financial terms of the deal were not disclosed.
