British financial planning firm Fairstone Group has acquired Sale, Cheshire-based IFA business Avidus Scott Lang for an undisclosed sum.
The acquisition will add £350m in assets under management (AUM) and around 4000 clients to the group.
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Avidus Scott Lang offers pension planning, financial planning, asset management and estate planning services as well as bespoke services to HNWIs and corporate clients across the UK.
The deal will bring £2m in revenues as well as a further 7 IFAs and 9 support staff to Fairstone Group.
Avidus Scott Lang independent financial adviser Ian Thomasson said: "By integrating with Fairstone we are able to deliver increased quality of service to our clients. We will also seek to selectively grow the business through acquisition and Fairstone’s backing will allow us to do this more efficiently.
"We are committed to providing the highest levels of advice possible, and feel that our new relationship with Fairstone will allow us to reduce time spent on back office tasks and focus on delivering the service our clients deserve."
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By GlobalDataMoneygate, which was founded in 2007, has been rebranded as Fairstone in April 2015. Fairstone employs 240 advisers and 58 staff, acting for over 30,000 clients. It also administers £100m of client assets in a range of managed portfolios operating under the Marketstar brand.
