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Independent wealth management firm acquires six businesses

Succession Wealth has acquired six financial advisory businesses from around the United Kingdom. Together, the deals add up to £800m in assets under management, bringing Succession’s total AUM to more than £8bn.

As a result of the six new acquisitions, a further 2,100 clients will join Succession Wealth, as well as 16 qualified and experienced Financial Planners.

In April, Succession Wealth announced it had secured over £100m of additional financing facilities through its existing financing arrangements, to fund an intensive acquisition plan and accelerate its national growth and presence.

As a result 55 firms have now joined Succession since 2014 – an average of one acquisition per month.

The latest six acquired companies are:

  • Mackenzie Investment Strategies, Inverness
  • Winter Financial Services, Marlow
  • Warwick Butchart Associates, Cheltenham
  • Killermont Investments, Glasgow
  • Additional Glasgow business acquired subject to FCA Change of Control approval
  • Ellaby Pollard, Bristol

James Stevenson, CEO, Succession Wealth, said: “We are delighted to welcome the proprietors and staff of these outstanding businesses on board.

“We share common values and a relentless drive to achieve excellence for our clients.

“We look forward to these acquisitions continuing to drive the growth and development of our national business.

“Since the launch of our advisory business just five years ago and the acquisitions we have completed, Succession Wealth is now in a very strong position to continue to deliver sustainable growth and become the UK’s foremost professional financial planning practice.

“The most sustainable companies prioritise their relationships with their clients and stakeholders, and our aim is to ensure everyone who is interested in benefiting from full Financial Planning and wealth management has ready access to the best possible advice.

“These latest acquisitions extend our national coverage, creating new regional offices in Inverness and Bristol and considerably strengthening our already significant presence in Glasgow and the Thames Valley.”

Duncan Mackenzie, founder of Chartered Financial Planning firm, Mackenzie Investment Strategies, said: “Succession has invested heavily in Scotland and, for us, it was essential for our clients and staff to join an established, reputable company that would allow us to foster the same level of trust and provide the same quality of service upon which we had based our reputation.”

Bristol based financial advisory firm, Ellaby Pollard’s managing director, Andy Barr, said: “Our clients will continue to receive high quality financial planning advice but will also enjoy enhanced services and an improved proposition as a result of us becoming part of a larger, national organisation.”

EY appoints Ally Scott as managing partner of Scottish operations

EY has for the first time appointed someone who is not a chartered accountant to head its Scottish operation, and flagged major hiring plans.

Ally Scott, who joined the accountancy firm’s Scottish operation from banking giant Barclays in autumn 2016 as head of transaction advisory services, will succeed Mark Harvey as EY’s managing partner for Scotland on July 1. Mr Harvey will remain a partner of EY until next April, before joining car retailing giant Arnold Clark as chief financial officer in the summer of 2020.

A spokeswoman for EY confirmed that Mr Scott would be the first leader of the Scottish business who was not a chartered accountant.

EY highlighted its ambitions to increase its current Scottish workforce of about 1,000 by 25 per cent over the next 12 months.

The spokeswoman said: “We are going to be recruiting at all levels of seniority but also across all service lines. It is in all geographies as well. It is across the office network.”

EY has offices in Glasgow, Edinburgh, Inverness and Aberdeen.

The accountancy firm noted Mr Scott had led the firm’s Scottish transaction advisory services practice to 15% and 21% growth in its last two financial years, “helping secure deals for prominent Scottish clients such as Simon Howie Group, QTS Group and Weir Group”.

EY noted Mr Harvey had, since taking on the Scotland managing partner role in 2015, raised the annual revenues of the accountancy firm’s Scottish business from about £100 million to £170m.

Mr Scott, who joined Royal Bank of Scotland as a 16-year-old trainee and worked for the Edinburgh-based institution from 1985 to 2005 before joining Barclays, said: “It’s a real honour to take up the role of managing partner. Under Mark’s leadership, EY has enjoyed significant growth in Scotland, securing notable client wins across all service lines and investing in our product offering to support a broader range of businesses.”

He added: “Our ambition to increase headcount to 1,250 staff across all levels in the next 12 months is a strong signal of our intent to build on that momentum. It’s an exciting time to be part of our business. Our continued investment in technology and automation has resulted in our Edinburgh office becoming EY’s UK centre of excellence in data analytics and provides our clients with an exceptional level of strategic insight and clarity in decision-making.”

The EY spokeswoman noted some of the new jobs would be in the data analytics, automation and digital area, but emphasised hiring would be broadly based, citing a ramping up of activity across assurance, advisory and tax operations.