A Bristol financial services firm has acquired an Aberdeen-based company after securing "significant" investment in its first funding round.
Clifton Asset Management completed the acquisition of Scotland's Burnett & Reid (B&R) on Monday (July 18) in a move it said would be "the first of a number of firms" it aims to takeover as it accelerates its acquisition strategy.
B&R is an independent financial advisory firm that was established in 1991. With assets under management (AUM) of £180m, the purchase of B&R will take Clifton’s total AUM to £860m, with group revenues of around £8m.
The deal comes after Clifton Asset Management secured investment from independent asset manager BOOST&CO. The amount of funding invested in the Bristol firm has not been disclosed.
Anthony Carty, group financial planning director at Clifton Asset Management, said: “Colin and John at B&R have built an excellent business providing a first-class financial planning service to their clients and professional connections. We are delighted to welcome the B&R team to the Clifton family and will ensure that their clients continue to receive great advice - which is so important in these challenging times.”
Colin Morgan, financial advisor and director at B&R, 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.”
Since acquiring Plan for Life in 2019, Clifton has been allowing smaller advisory firms, such as B&R, to compete with larger rivals by providing access to services and products under the Clifton umbrella – by joining via acquisition or AR status. Last August, the company completed the acquisition of Leonard Gold Financial Management.
The firm said the latest deal would create "a number of additional jobs" within the business.
Mr Carty added: "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."
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