Ludlow Wealth Management has acquired the trade and assets of Glasgow-headquartered Ferguson Financial Management for a total consideration of £1.2m ($1.46m, €1.4m).
The acquirer, which is a subsidiary of Mattioli Woods, will pay an initial consideration of £600,000 and potential further consideration of up to £600,000 dependent on the attainment of specified performance targets in the year after completion.
Ferguson FM provides financial planning and wealth management services to over 200 private client families with approximately £80m of assets under advice.
As part of the deal, an unnamed “experienced” employee will join Mattioli Woods and operate from the group’s existing Glasgow office.
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Michael Wright, group managing director of Mattioli Woods, said: “We are pleased to complete Ludlow’s first acquisition since joining the group. We continue to work closely with Ludlow’s experienced team as we pursue other transactions of a similar nature to further expand our growing wealth management presence in the north of England and Scotland.”
Ian Hemingway, chief executive of Ludlow WM, added: “Ludlow has a track record of successful deals involving retiring financial advisers, a model which Mattioli Woods continues to support.
“We look forward to working with the Ferguson team to responsibly integrate their clients into the group over the coming months, whilst continuing to explore other opportunities within the market.”
Leicester-headquartered Mattioli Woods acquired the holding company of Ludlow Wealth Management Group in May 2021 for a total consideration of £43.5m.
