Financial planning firm AAB Wealth has acquired local rival Kilkee Financial Services.
The enlarged business will have revenue of circa £4.5m, assets under advice of around £550m and a combined team of 25.
Kilkee was established in 2002 by Geoffrey Purcell and now has more than 100 clients in Aberdeen, offering financial advice to families and individuals.
The transaction, for an undisclosed sum, is aimed at facilitating Purcell's retirement planning, although he shall remain with the business to deliver a suitable handover period for clients.
Purcell stated: “I feel very proud to have sold my business to an Aberdeen-based company with the calibre and reputation of AAB Wealth.
“The continuing wellbeing of both my clients and staff has been paramount as I considered my retirement plans - knowing that my clients’ Financial Planning, and their investments, will be responsibly looked after into the future gives me great reassurance and peace of mind.”
Andrew Dines, head of AAB Wealth, commented: “The transition for Kilkee clients will be seamless as both of our firms offer an exceptional level of service from trusted advisers.
“Our diverse, rules-based approach to investing is the platform to provide a tailored financial plan to support their personal aims and ambitions, supporting our clients navigate the challenges we are all facing in these uncertain times.”
The full team from Kilkee will join the AAB Wealth, based at the AAB Group office at Prime Four Business Park, Kingswells.
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