Insurance broker Oval has bought a second Scottish IFA firm with the acquisition of Futurity.
The deal marks Oval’s first acquisition of a pure IFA company, with its previous 15 acquisitions all having insurance brokerages built into the businesses.
Oval bought Scottish insurance broker and IFA firm Service Miller in October 2006.
The Futurity acquisition will see the company add another 10 advisers and 12 support staff.
The firm has offices in Edinburgh and Glasgow and it expects turnover to reach around £1.7m in the year to April 30.
The main focus of Oval, which is backed by Caledonian, is commercial insurance but around a quarter of its income comes from retail financial services.
Futurity managing director Angus Rutherford says: “Service is paramount in the financial services world but size does matter too.
“Oval’s ability to negotiate the best deals for clients with providers is undeniable, and we will now also be in a position to offer a wider range of services.”
Oval Financial Services deputy managing director Simon Hellier says: “Futurity is a perfect fit for us.”