Towergate Financial Services has acquired Albannach Financial Management, marking the first move in its plans to become an IFA consolidator.
Albannach is a firm of wealth management, financial planning and mortgage specialists based in Scotland with 42 staff.
Laurie Dempster will remain as managing director alongside his current management team. The staff will operate from offices in Edinburgh and Glasgow while looking to expand in Scotland.
Towergate Financial Services was set up last March and is headed by Paymentshield chief executive Stuart Pender.
Towergate Group has an aggressive strategy of buying general insurance brokerages, snapping up over 115 firms since its launch in 1997.
TFS aims to repeat its strategy in the IFA market in a bid to rival major national IFA firms such as Positive Solutions. Chairman Patrick Snowball joined TFS last June from Aviva where he was UK group executive director.
He says: “I am delighted to welcome Laurie Dempster and the team from Albannach into Towergate Financial Services. This acquisition will form the basis of our consolidation plans in Scotland and the North of England. Over the next three months, we will be announcing further moves as we execute our consolidation model for the IFA market.”
Dempster says: “Joining forces with Towergate Financial Services at such an early stage of its development is a very exciting opportunity and presents us with the ability to enhance our client proposition while maximising the growth opportunities available through organic development and further acquisitions.”