Bristol-based Clifton Asset Management has bought Aberdeen-based Burnett & Reid Wealth Management for an undisclosed sum.
It is the firm’s first deal since it received first round funding from independent asset manager Boost & Co. Clifton AM hopes this is the first of a number of firms it aims to acquire as it accelerates its ‘buy and build’ acquisition strategy.
Burnett & Reid WM has been advising individual clients and businesses since 1991. With assets under management of £180m, the purchase of B&R will take Clifton’s total AuM to £860m, with group revenues of circa £8m ($6.76m, €7.95m).
Clifton AM has previously acquired Plan for Life in 2019 and Leonard Gold Financial Management in August 2021.
Anthony Carty, group financial planning director at Clifton AM, said: “We are delighted to welcome the B&R team to the Clifton family and will ensure that their clients continue to receive great advice – which is so important in these challenging times.”
Expansion plans
The Boost & Co funding has increased Clifton AM’s plans and it hopes to make a number of deals this year.
Carty told International Adviser: “Our aim is to complete on 4-5 deals by the end of 2022, or by early 2023 as we’re already at advanced stages with two firms and having positive discussions with others.
“We have a growing pipeline of potential acquisitions, and we hear from ongoing conversations that our proposition is forward thinking and compelling.
“We are happy to explore options with other firms thinking about their exit strategy. We’re looking at advisory firms with the most important aspect being the culture of the firm and the relationship with their clients.
“The Boost funding enables us to drive our acquisition strategy faster, and towards our ambition of reaching £5bn assets under management within five years.
“These are exciting times for all concerned. In addition to creating jobs and accelerating growth, the recent first round of funding will also enable us to continue our technological innovation, ensuring that we continue to lead the way with our technology-forward approach.”
