Standard Life’s restricted advice arm 1825 has opened the new year with another acquisition, its second in London.
The business has been looking to build “regional hubs” by buying up local firms since launching in 2015.
It has announced today that its latest purchase is Cumberland Place Financial Management, a six-adviser, 21-staff advice firm which also runs a discretionary fund management service.
Its two founding directors, Tony Moss and Robert Goldschmidt, will stay on to run the business after the takeover.
1825 is awaiting regulatory approval on the deal and expects it to complete in the first half of 2018. The acquisition is the sixth since 1825 was founded, and brings another £400m in assets under advice to the business.
In total, 1825 will have around 75 planners and £4bn in assets under advice.
1825 chief executive Julie Scott says: “As the demand for financial advice continues to grow in the UK we want to be able to offer the best service and proposition possible with a great set of experts to support them.”
Scott took over the reins at 1825 after former boss Steve Murray stepped aside in September, taking on a new strategic role as commercial and strategy managing director at Standard Life.