UK-based financial services provider Clifton Asset Management has concluded the purchase of Burnett & Reid Wealth Management (B&R) for an undisclosed sum.

With the deal, Clifton Asset Management has raised its total assets under management (AUM) to £860m and group revenues to £8m.

The deal follows an investment, value of which has not been revealed, from specialist lender Boost&Co.

It represents one of the initial deals with which Clifton Asset Management’s aims to bolster its ‘buy and build’ acquisition plan, reported Money Marketing.

Clifton Asset Management seeks to carry out four to five transactions by the end of this year or early next year. The company is already in advanced talks with two firms, the publication stated.

It is also said to target £5bn AUM over a period of five years.

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B&R financial adviser and director Colin Morgan said: “Clifton has a like-minded attitude to client care to us.

“Yes, they are a larger firm offering comprehensive technical innovation that is difficult to achieve as a smaller entity.

“However our final decision was based on getting to know their team and seeing their commitment to fairness in their dealings with us, and ultimately, the clients.”

Based in Aberdeen, Scotland, B&R is an independent financial advice company, which has been serving various customers and businesses since 1991.

The company has around £180m of AUM.

Clifton Asset Management group financial planning director Anthony Carty said: “In addition to creating jobs and accelerating growth, the recent first round of funding will also enable us to continue our technological innovation, ensuring that we continue to lead the way with our technology-forward approach.

“We have a growing pipeline of potential acquisitions, and we hear from ongoing conversations that our proposition is forward thinking and compelling.”

In August last year, Clifton Asset Management completed the purchase of Southsea-based Leonard Gold Financial Management.