UK-based financial adviser Ascot Lloyd has acquired Scotland-based independent financial advisor Central Investment Services for an undisclosed amount.

The deal comes a few months after an Ascot Lloyd secured investment from funds managed by the Credit Group of Ares Management to boost its consolidation activities.

Central Investment specialises in professional financial planning and investment management services. The firm serves both private and corporate clients across Scotland.

The firm brings eight advisers and a team of support staff to Ascot Lloyd Group and adds £761m in funds.

The acquisition is said to position as one of the largest financial adviser firms in Aberdeen, where  Central Investment is headquartered.

Commenting on the deal Ascot Lloyd CEO Nigel Stockton said: “Ascot Lloyd continues to be one of the fastest growing IFAs in the UK, and the acquisition of Central Investment adds to our already extensive national footprint.

“Scotland is of huge importance to us, and we are delighted to have further grown our presence here.”

Central Investment managing director Derek Robertson said: “In recent years it has become increasingly challenging for regional IFA practices such as us to continually adapt to growing regulatory burdens and ever-rising costs.

“Joining with a national firm such as Ascot Lloyd, means we have the support behind us and we can continue to grow and serve our local community working with clients in the long-term as we always have.”

Ascot Lloyd, set up in 2004, provides independent financial advice across the UK. The company is backed by private equity firm Oaktree.

In 2019, the firm purchased two home-grown IFA firms: Prest Financial Planning and QS Financial.