Foster Denovo has made its first acquisition of 2025 with the addition of Scotland-based Verum Wealth.
It marks the firm’s seventh acquisition in just over a year and brings £87m of assets under advice to its recently established Glasgow hub.
Verum was founded by Tony McPhee in 2015. The business previously operated as a joint venture with an accountancy firm. The client base is mainly owner managed businesses and McPhee is supported by Angela Britton, Samantha McIntosh and Alison Kerr.
The team will join the new office in the city’s business district hub after Rosemount Asset Management came on board last summer.
McPhee, who became an employed partner on the deal completing, choose Foster Denovo for the flexibility afforded to him to plan his succession while securing career progression opportunities for his staff.
McPhee, managing director of Verum Wealth, said: “I have spent more than a decade building the Verum business and my team have been with me every step of the way. It is important to me that the acquiring firm is not only the right home for my clients but also offers clear development opportunities for my colleagues.
“Jon Sweeney of Rosemount worked with me on the Verum investment process for many years and I have been very fortunate to be able to hear, at first-hand, from Jon about the culture and quality of the Foster Denovo advisory business. I took great comfort from the fact that Jon’s experience was further evidence Roger, and his team really do walk the talk when it comes focusing on cultural fit.”
Roger Brosch, CEO of Foster Denovo, said: “Tony, Angela, Samantha, and Alison epitomise what it is to be a genuinely client-focused business with ambition – the cultural fit with Foster Denovo really couldn’t be any stronger. We’re delighted they’re on board and excited for what the future holds with this first addition to our Glasgow hub.”
The transaction comes after Foster Denovo continues to expand its national footprint, buying Brian Mole and 80Twenty in the Midlands last autumn after the Rosemount deal.
Earlier in 2024, the group doubled the size of its employee benefits division with Punter Southall’s corporate advisory arm and acquired wealth managers Wade Financial in Newcastle and Creative Financial Solutions in Hampshire to establish 14 offices across the UK.
