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Capital and Trust - July 20, 2022 - 0 minute read

Bristol-based Clifton Asset Management is to acquire Aberdeen-based wealth manager and IFA Burnett & Reid Wealth Management and is planning further deals.

Burnett & Reid is an IFA, that was established in 1991, it has assets under management of £180m. The acquisition will increase Clifton’s total assets under management to £860m, with group revenues of about £8m.

Since acquiring Plan for Life in 2019, Clifton has been acquiring smaller advice firms, such as B&R, to join the group via acquisition or appointment representative status.

Financial Planning Director at Clifton group, Anthony Carty, 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 adviser and director at Burnett & Reid 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.”

The sum has yet to be disclosed.

If you’d like a confidential, obligation-free discussion about selling or acquiring a Wealth Management / Asset Management business, please click here, alternatively contact us on 0207-043-4300 or email us.

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