Shackleton Advisers has reached a deal to acquire the Scottish advice firm Aberdein Considine Wealth, trading as AC Wealth.
The acquisition significantly expands Shackleton’s presence in Scotland.
Subject to regulatory approval, the deal will add approximately £800m in assets under management or advice, bringing the firm-wide total in Scotland to over £1.3bn
Around 40 employees, including 14 FCA authorised and regulated financial advisers, will come across with the business.
Once the deal closes, Shackleton will operate in Scotland from offices in Aberdeen, Glasgow and Edinburgh, whilst maintaining representation in Perth and Stirling.
Paul Feeney, chief executive of Shackleton, said: “The team at AC Wealth has impressed us from the outset, and I’m delighted that we have been able to agree the acquisition of such a highly regarded firm.
“This is a transformative deal for Shackleton in Scotland, a country with which our namesake, Sir Ernest Shackleton, had important connections.
“Scotland is a core market for us, and I believe today’s announcement represents an excellent outcome for all parties, most importantly existing clients of AC Wealth, who should in time benefit from our growing scale and strong track record of driving down the cost of investing, while retaining an absolute commitment to providing first-class advice and service.”
Jennifer Paice, chief executive of AC Wealth, added: “The journey to become part of Shackleton is an extremely positive development for AC Wealth clients and colleagues alike.
“Our approach and values are closely aligned, and this development will provide not only continuity of relationships and service for our clients, but also additional support and resources of a much larger Chartered, client-focused firm.
