Aberdeen has agreed the sale of its financial planning arm to Ascot Lloyd.
Aberdeen Financial Planning currently sits within the interactive investor business. Aberdeen Group CEO Jason Windsor said the sale marks a “step forward” in the firm’s plans to simplify its business.
The acquisition adds 6,300 clients and £3.6bn of assets under advice to Ascot Lloyd’s roster, bringing total advised assets to £14.5bn. The deal will also see around 60 advisers joining Ascot Lloyd, bringing its overall adviser headcount to over 220.
Francis Jackson, CEO at Ascot Lloyd, said: “The acquisition takes our total client coverage to almost 44,000 across the UK, and we see a significant amount of value in the client profile that Aberdeen has typically served – at both ends of the asset value spectrum.
“This acquisition meaningfully increases our scale, capabilities and expertise and will further support our continued growth – both organically and inorganically – while excelling in our delivery for clients. We look forward to working with our new colleagues and clients and building on the strong foundations we have in place”.
