Consolidator and national advice firm Bellpenny has acquired Reid, Scott & Ross for an undisclosed sum.
The deal sees more than 1,000 clients and £108m in assets under advice move to Bellpenny, along with four individual advisers.
Earlier this month, Bellpenny acquired Torquil Clark from Skipton, including D2C platform TQ Invest.
The acquisitive national is backed by private equity firm Oaktree Capital.
Bellpenny chief executive Kevin Ronaldson says: “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. Our priority now will be ensure an outstanding experience for RSR clients moving across to Bellpenny.”
A statement from RSR co-owners Tony Ross and Paul Angell says: “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. From an IFA owner’s perspective, the whole process of selling the business, from initial contact through to signing on the dotted line, is a well-oiled machine.”