Standard Life advice unit 1825 has agreed to buy BDO Northern Ireland’s wealth management division.

The transaction marks 1825’s debut purchase in Northern Ireland and the seventh since its inception four years back.

The wealth management arm of BDO Northern Ireland focuses on wealth planning, covering corporate and personal and trust advice. The business was set up over 25 years ago.

The deal, whose financial terms were not revealed, adds around £230m in assets to 1825’s portfolio.

A total of 12 staff, including four financial planners, will move to 1825 as part of the deal.

1825 regional managing director of North West Mike Cullinane said: “I welcome the BDO NI wealth management team to 1825 North West region.

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“We have many shared values on the importance of good financial advice and doing the best for our clients.”

The transaction is slated to be wrapped up on 1 July 2019.

Post deal completion, the acquired entity will operate under the name 1825 Northern Ireland and will operate out of Belfast city centre.

It will become part of the 1825 North West region, with managing director Mike Cullinane in charge.

BDO Northern Ireland senior partner Nigel Harra said: “This investment and 18Standard Life advice arm, BDO Northern Ireland’s wealth unit25’s shared client-focused approach, along with the ongoing local leadership of Carol Malcolmson, provides the team with the opportunity for further growth and development, and as a spring-board for continuing success.”