Adviser consolidator Succession has acquired Hamilton-based Caledonia Financial Planning in a £2.5m deal.
The deal, which is the 24th for Succession, will add £150m of funds to Succession’s portfolio.
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Succession started working with Caledonia in 2013, and during this period helped the firm develop its financial planning proposition for high net worth clients. Caledonia’s funds under management have increased by 50% during this time.
Succession Group CEO Simon Chamberlain said: "Succession has consistently delivered on key growth targets for member firms, working within a timeframe that suits individual business owners.
"Our continued major investments in people, technology and the infrastructure of our business, helps clients achieve their financial goals and we are building a strong regional presence with client serving hubs in key strategic locations. This supports the ongoing recruitment of individual advisers as well as providing a local service for clients."
Succession plans to acquire the best 50 firms from its affiliated membership by 2017 end. The consolidator recently acquired Maze Wealth as part of this strategy.
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By GlobalDataCaledonia managing director Alan Craig said: "Independent advice is core to providing investment strategies that deliver clarity, certainty and peace of mind. Central to this is the Succession Investment Platform – about the only platform owned by an independent advisory business of scale.
"While other consolidators have gone restricted or given away their assets to other platforms and fund management groups, we look forward to continuing an advice process with our client that means their assets never leave Succession’s legal control."
