Swiss banking giant UBS is buying London IFA Scott Goodman Harris in the latest stage of its push into the UK wealth management sector.
The 15-RI firm will be rebranded under the UBS Wealth Management UK brand. Scott Goodman Harris specialises in pensions and investment advice to high-net-worth individuals and had a turnover of over £4m last year.
Last week, UBS bought Laing & Cruickshank Investment Management from Credit Lyonnais in a deal that brought £5bn in assets under management and 75 advisers on board. The latest buy brings UBS's RI numbers to over 200.
UBS is expanding its wealth management operations in the UK, France, Germany, Italy and Spain and says further acquisitions in the UK are likely although it stresses that it will not become a rapid acquirer of IFAs.
Scott Goodman Harris managing partner David Scott says: “This is a good fit because we will be able to offer our existing clients an even better service as well as working with UBS clients needing professional advice on life and pension products.”
UBS Wealth Management UK local managing director Liz Cacciottolo says: “The partners of Scott Goodman Harris have shown a true commitment to delivering high quality independent advice to their clients. We share these values and are extremely pleased to add more high-quality professionals to our rapidly growing UK business.”