Standard Life’s financial planning business 1825 has agreed to acquire Cumberland Place Financial Management, a London-based chartered financial planning firm.

Cumberland Place Financial Management offers a discretionary investment management service.  The company has approximately £400m in assets under advice and 21 staff, including six financial planners, three paraplanners, and three investment analysts.

Upon closing of the deal, 1825 will have more than 75 financial planners, advising around 9,000 clients on over £4bn of their assets.

As per the agreement, Cumberland Place Financial Management’s founding directors, Tony Moss and Robert Goldschmidt, will continue to manage the business even after the completion of the deal.

Moss said: “We have built a strong business over 15 years by putting the client at the forefront of everything we do. 1825 share these values and I am confident that this acquisition will be a tremendous success, allowing us to build on our existing foundations and provide additional resource and expertise to our clients.

“We are delighted to become part of 1825 which will provide our clients with a fantastic service proposition as well as enhanced career opportunities for our employees.”