Ludlow Wealth Management, a subsidiary of Mattioli Woods, has bought a Glasgow-based adviser in a deal worth up to £1.2mn.
The deal will see Ludlow Wealth Management pay £600,000 up front for Ferguson Financial Management and a further £600,000 on meeting performance targets in the year after completion.
Ferguson provides financial planning and wealth management services to over 200 private client families with approximately £80mn of assets under advice.
As part of the deal, an experienced employee will join Mattioli Woods and operate from the group's existing Glasgow office.
Ludlow Wealth chief executive Ian Hemingway, said: “Ludlow has a track record of successful deals involving retiring financial advisers, a model which Mattioli Woods continues to support.
“We look forward to working with the Ferguson team to responsibly integrate their clients into the group over the coming months, whilst continuing to explore other opportunities within the market".
In the year ended October 31, 2020, Ferguson generated revenues of £0.34mn with a profit before taxation of £0.16mn.
At the same time in 2021, the firm's gross assets were £0.19mn and net assets were £0.19mn.
This acquisition comes after Mattioli Woods raised £112mn between May and June last year through a share issue, in order to allow it to complete a number of acquisitions.
In the year to the end of May 2021, it made five acquisitions and continued its acquisitions spree in the months after, with the purchase of Ludlow Wealth Management completing on September 6.
The £43.5m Ludlow acquisition was announced back in May, alongside Mattioli Woods’ plans to purchase Maven Capital Partners..
Mattioli Woods’ group managing director Michael Wright, said: "We are pleased to complete Ludlow's first acquisition since joining the group.
“We continue to work closely with Ludlow's experienced team as we pursue other transactions of a similar nature to further expand our growing wealth management presence in the north of England and Scotland".
sonia.rach@ft.com
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