UK wealth management and financial planning group Succession Wealth has bought Edinburgh-based IFA business Spence & Spence for an undisclosed sum.
The deal is subject to regulatory approval.
Founded in 1994, Spence & Spence has around £170m ($214m, €195m) in assets under management and provides advice on pensions and retirement planning, investments, mortgage and protection.
This is Succession Wealth’s second acquisition under Aviva ownership and follows the purchases of Pannells Financial Planning, G+E Wealth Management, JCF Financial Services, Bankhouse Financial Management and Oxford Advisory Partnership in 2022, which collectively brought in more than £2.2bn in assets.
It marks Succession Wealth’s 62nd acquisition since 2014.
James Stevenson, chief executive at Succession, said: “We are excited to welcome Spence & Spence to Succession and look forward to working with Charlie and his team.
Overall, we remain focused on organic growth and strategic acquisitions where we believe they will benefit both parties. This enables us to continue to be selective in our acquisitions.
“We continue to receive notable approaches direct from financial planning firms and from the wider marketplace across the country and we are currently in exclusivity and advanced acquisition discussions with several high-quality independent planning firms.”
