Wealth manager Bellpenny has purchased Glasgow-based IFA Reid, Scott & Ross, which has £108 million of funds under management.
As part of the deal, around 1,000 active clients will move to Bellpenny’s national advice business along with four individual advisers.
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The deal is Bellpenny’s third in Glasgow, following the acquisitions of K M Financial Advisers and MGW in the second half of 2013.
Kevin Ronaldson CEO of Bellpenny said: "RSR is the third Glasgow-based IFA business we have acquired, following K M Financial Advisers and MGW in the second half of 2013, so we’re building a formidable presence in the City and surrounding area."
Tony Ross & Paul Angell, co-owners of Reid, Scott & Ross said: "It’s easy to see why Bellpenny is proving to be the acquirer of choice for so many IFA businesses, both north and south of the border. They’ve taken full advantage of the opportunity to build a post-RDR business from first principles, with the client right at its heart."
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