Foster Denovo has expanded its presence in Scotland with the acquisition of Verum Wealth, adding £87m in assets under advice.
This is the seventh acquisition for Foster Denovo in just over a year, now with 14 offices across the UK. Last autumn, the company acquired Brian Mole, 80Twenty and Rosemount after expanding with Wade Financial, Creative Financial Solutions and Punter Southall’s corporate advisory arm.
Verum Wealth was founded in 2015 by Tony McPhee, and was previously a joint venture with an accountancy firm. McPhee, along with team Angela Britton, Samantha McIntosh and Alison Kerr will move with the firm.
See also: Janus Henderson: Saba trying to ‘take control of your company’
“I have spent more than a decade building the Verum business and my team have been with me every step of the way. It is important to me that the acquiring firm is not only the right home for my clients but also offers clear development opportunities for my colleagues,” McPhee said.
“Jon Sweeney of Rosemount worked with me on the Verum investment process for many years and I have been very fortunate to be able to hear, at first-hand, from Jon about the culture and quality of the Foster Denovo advisory business. I took great comfort from the fact that Jon’s experience was further evidence Roger and his team really do walk the talk when it comes focusing on cultural fit.”
Roger Brosch, CEO of Foster Denovo, added: “Tony, Angela, Samantha, and Alison epitomise what it is to be a genuinely client-focused business with ambition – the cultural fit with Foster Denovo really couldn’t be any stronger. We’re delighted they’re on board and excited for what the future holds with this first addition to our Glasgow hub.”