Old Mutual adds £200m in assets with acquisition

Old Mutual Wealth Private Client Advisers has acquired DG Pryde, an advice firm based in the Scottish town of Duns, outside of Edinburgh, marking the fith acquisition in less than a year.

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The firm was founded by Douglas Pryde in 2005, who is now looking to “wind down”.

OMW Private Client Advisers was established in 2015 and employs over 50 financial advisers across the UK. The acquisition of DG Pryde adds £200m ($270m, €227m) of assets under advice to the national financial planning business.

The majority of DG Pryde’s clients are in London and the south-east.

Acquisitions

DG Pryde is the latest in a series of acquisitions OMW Private Client Advisers has made recently.

In May 2017, the firm acquired Maestro Financial Services, which added more than £120m in assets under advice to the Old Mutual Wealth-branded adviser business.

In September 2017, it bought Dodd Murray, a Cumbria-based financial planning business – bringing in £205m of assets under advice.

Two months later, Coleman Clough added £33m in assets after the Yorkshire-based firm was acquired.

In February, A&M Financial Services, a Wiltshire-based financial planning business, added £40m in assets under advice after it was bought.

Capable hands

“This is a fantastic opportunity to grow our business and give DG Pryde’s clients continued access to quality, face-to-face financial planning,” said Dominic Rose, director at OMW Private Client Advisers.

“As a firm that has focused on providing a personalised service, DG Pryde is a good cultural fit with Old Mutual Wealth Private Client Advisers.”

Pryde added: “After spending 30 years building DG Pryde, and having conducted extensive due diligence on potential buyers of my business, I’m happy that my clients are being left in capable hands.

“I look forward to working with Old Mutual Wealth Private Client Advisers as a consultant to ensure clients continue to receive the tailored experience they are familiar with.”

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