An Aberdeen-based financial services firm with £180million of assets under management has been taken over by an ambitious English outfit.
Clifton Asset Management announced yesterday that it has completed the acquisition of Burnett & Reid Wealth Management after receiving significant funding from specialist lender Boost&Co.
The Bristol-based firm said the deal was the first of many as it looks to accelerate its “buy and build” acquisition strategy.
It aims to complete four or five deals by the end of 2022 or early 2023. Negotiations with two firms are already at advanced stages and Clifford said it is having “positive discussions” with others.
Burnett & Reid is an Aberdeen-based independent financial advice firm that has been advising individual clients and businesses since 1991.
Burnett & Reid financial adviser and director Colin Morgan said: “Clifton has a like-minded attitude to client care to us.
“Yes, they are a larger firm offering comprehensive technical innovation that is difficult to achieve as a smaller entity. However our final decision was based on getting to know their team and seeing their commitment to fairness in their dealings with us, and ultimately, the clients.”
Burnett & Reid has £180million of assets under management (AUM). The purchase of B&R will take Clifton’s total AUM to £860million, with group revenues of circa £8million.
After receiving the loan from Boost&Co last week, Clifton aims to reach £5billion AUM within five years and is now looking for other opportunities.
Clifton group financial planning director Anthony Carty said: “These are exciting times for all concerned.
“In addition to creating jobs and accelerating growth, the recent first round of funding will also enable us to continue our technological innovation, ensuring that we continue to lead the way with our technology-forward approach.
“We have a growing pipeline of potential acquisitions, and we hear from ongoing conversations that our proposition is forward thinking and compelling.
“We are happy to explore options with other firms thinking about their exit strategy.”