IFA acquirer Loyal North has purchased financial planning firm Sovereign Financial Services Ltd for an undisclosed sum.
The firm will join Loyal North’s regional hub Lowland Financial Planning based in Galashiels and will bring the group £60m ($73.2m, €68.8m) in client funds.
John Kennedy will join Lowland as senior financial planner to oversee the transition of clients.
Kennedy, said: “Our business has prided itself on providing excellent financial planning, putting our clients at the heart of what we do and that is why the team at Lowland, and the personalised and local approach of Loyal North made them the perfect choice for the future of our clients”.
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Lowland financial managing director David Nichol, commented: “We are delighted
to welcome John and the Sovereign team to Lowland Financial Services Ltd and the wider Loyal North group.
“This acquisition marks a further step in our growth plans for Loyal North’s southern Scottish hub. John has built an excellent business and it will be a privilege for us to have the responsibility for looking after the financial planning needs of his clients once he retires”.
Group acquisition director at Loyal North Debbie Dry, added: “It was important that John found the best home for his clients and with an existing firm in the same area. This is another great acquisition for us and we welcome John, his great team and their clients to Lowland and the Loyal North family”.
This news comes after Loyal North snapped up Quay Financial Planning in September this year.
