Fairstone has acquired two Aberdeen-based firms as it expands its presence in Scotland.
The wealth management group has bought independent financial advice firms City Gate Aberdeen and Albyn Associates and opened a new hub office in Aberdeen, which both firms have relocated to.
City Gate Aberdeen was founded September 2002 and provides clients with a wide range of financial planning, mortgage and protection services, managing more than £100m of assets, led by Alan Johnston.
The firm first partnered with Fairstone in 2023 through the group’s unique Downstream Buy Out (DBO) programme. City Gate Aberdeen’s partnership period has completed with the firm now becoming a full part of Fairstone.
Albyn Associates was founded in 1998 and offers a wide range of financial planning and mortgage services, managing more than £80m of assets. The firm signed up to the DBO programme in December 2023.
Headed by independent financial advisers Colin MacLennan and Charlie Thomson, Albyn Associates signed up to the DBO programme in December 2023.
Fairstone CEO, Steven Cooper, said: “We’re delighted to welcome City Gate Aberdeen and Albyn Associates to the group and to be opening our new office, which will form the hub for our operations across northern Scotland.
“This is a significant move for us in a strategically important area of the UK where we see great potential for further expansion.
“Aberdeen and northern Scotland have a strong tradition of entrepreneurial, internationally connected businesses which are increasingly shaped by the energy transition. We see this creating strong demand for the kind of sophisticated financial planning, private wealth and intergenerational advice which we specialise in.”
