Dundee-headquartered Thorntons Investments has secured two acquisitions – adding £175 million of assets under management to the firm’s portfolio of £420m.
The move will see Matheson Financial Consulting and Dundee’s Sonas Wealth Management retain their existing model and leadership.
The firms will be amalgamated into the Thorntons Investments brand in due course.
The deals, which are part of the company’s ambitious plans to develop and grow the business, will see back-office systems and support functions being integrated, enabling the firms to further develop the service proposition.
Aberdeen based Matheson Financial Consulting was founded by Rory Matheson in 2003 and is an IFA with £130m of assets under management, providing whole of market financial advice to clients.
Launched in 2017 by Chris Forde, Sonas Wealth Management provides financial planning services to clients in Dundee, Angus and the surrounding areas and currently has £45m of assets under management.
First established in 1995 as part of Thorntons Law LLP, Thorntons Investments became a company in its own right in 2014 and now has over 30 staff working in offices across Dundee and Edinburgh.
The company has underlined their commitment to retaining their Dundee headquarters and adding the city’s reputation as a financial centre.
The firm said it continues to look at opportunities for further acquisitions.
Thorntons Investments chief executive Stephen Webster said: “These deals are an important milestone for us.
“After many successful years, we were keen to start seeking out promising partners who could help us expand our footprint and continue strengthening our financial planning proposition.
“Both Rory and Chris have built up strong reputations locally along with an enviable client base.
“This means we will benefit not just from greater efficiencies of scale – which will enable us to streamline services for existing clients – but also their many years of expertise in the business.”
Rory Matheson, director at Matheson Financial Consulting said the acquisition would help lighten the load of growing regulatory and operational pressures and allow young advisors to flourish.
Chris Forde, managing director at Sonas Wealth Management, said: “The deal is a positive and natural step for Sonas Wealth Management.
“Teaming up with a larger local firm with aligned values and aspirations was key to me .
“I believe it to be beneficial for our clients and team.”