Grant Thornton sells £1.7bn wealth advisory arm to focus on "core markets"
Grant Thornton has today confirmed the acquisition of its wealth advisory business by 1825, Standard Life’s wholly owned financial planning and advice business.
“As we increase our focus on our strategy to provide high quality audit, tax and advisory services to our core markets,” said Dave Dunckley, CEO of Grant Thornton UK in a statement. “It is clear the wealth advisory team’s growth potential would be best delivered by a business focused solely on the financial advice market.”
1825 increases its assets under advice (AUA) to £5.8bn, up £1.7bn, while also adding 34 additional financial planners in a bid to become a national financial planning and advice business.
“I was delighted when Grant Thornton approached us with the idea,” said Julie Scott, CEO of 1825 in a statement. “We are very much aligned with our shared desire to offer the best quality advice to our clients. We are excited about the future and look forward to welcoming the team to 1825.
“Today’s announcement significantly accelerates 1825’s growth plans and gives us a broader UK-wide presence. Demand for high quality financial planning and advice continues to grow and with over 110 financial planners we will be well-placed to help more people access advice.”
Grant Thornton’s wealth advisory business, led by Neil Messenger, provides advice on financial planning including family and business finance. The advisory also has two client support centres in Belfast and Sheffield, to add to offices in Ayr, Bristol, Crewe, Edinburgh, Glasgow, Leeds, London, Newton Aycliffe, Reading and Sheffield.
“The team’s clients will undoubtedly be better served through 1825’s approach and proposition, with the businesses sharing a natural alignment in values and goals, so it makes practical sense for the team to be in an environment in which it can flourish. We wish Neil and the team continued success into the future,” said Dunckley.
The deal is expected to complete in quarter four, 2019. The commercial terms of the transaction remain undisclosed.
• Pearson Jones – May 2015
• Munro Partnership – July 2016
• Baigrie Davies – Aug 2016
• Jones Sheridan – Nov 2016
• Fraser Heath – March 2018
• Cumberland Place – April 2018
• BDO Northern Ireland Wealth Management Arm – announced March 2019