Standard Life owned advice business 1825 has completed a deal to acquire Baigrie Davies, establishing its first London office.
Baigrie Davies managing director Ian Howe will continue to run the business and will be responsible for 1825’s London office. He will also join the 1825 executive committee.
Founder Arthur Davies will also remain with the business, while co-founder Tom Baigrie will leave to concentrate on his other business, protection broker LifeSearch.
The deal brings to 1825 assets under advice of around £400m, as well as 30 employees, including 11 financial planners and 5 paraplanners.
It comes just days after the firm completed deals for Almary Green and Munro Partnership, with the three deals meaning the Standard Life-owned business now has a total of 70 financial planners advising 9,400 clients on £3bn of their assets.
The Baigrie Davies deal is expected to complete in Q3 2016, subject to conditions including regulatory approvals.
Howe says: “We’ve taken Baigrie Davies to a point where we feel more resource is needed to continue to grow the business and provide the best possible proposition and service to our clients. Being able to tap into the scale and resources of 1825 is such a compelling opportunity for our team and our clients.
“Crucially, the 1825 client proposition maintains our total focus on financial planning and improving client outcomes with integrity and in a transparent manner.”
1825 chief executive Steve Murray adds: “Establishing a further presence in London is important to our ambition of building a financial planning business of significant scale so we’re delighted to welcome the Baigrie Davies team to 1825.”