Standard Life Aberdeen’s financial planning and advice business, 1825, has signed an agreement to acquire the wealth management unit of BDO Northern Ireland.
Image: 1825 expands its presence in Northern Ireland with the acquisition. Photo: Courtesy of Financial Planning Limited.
It is the first acquisition of 1825 in Northern Ireland with 12 employees, including four financial planners, joining the team.
BDO Northern Ireland’s wealth management division was established more than 25 years ago and has £230m of assets under advice.
The division specializes in all aspects of wealth planning and support from corporate to personal and trust advice.
The deal is expected to be closed on July 1 of this year. After the deal completion, the business will be known as 1825 Northern Ireland and will form part of 1825 North West region, headed by Mike Cullinane. Its office will remain in Belfast city centre.
BDO Northern Ireland Senior Partner Nigel Harra said: “Today’s announcement is a tremendous boost of confidence in the Northern Ireland market and in our wealth management team at BDO NI. We are thrilled to be working with 1825 as they also share our focus on putting the client first and providing them with a dedicated, bespoke service.
“This investment and 1825’s shared client-focused approach, along with the ongoing local leadership of Carol Malcolmson, provides the team with the opportunity for further growth and development, and as a spring-board for continuing success.”
1825 North West regional managing director Mike Cullinane said: “I’m delighted 1825 has extended its geographical reach and that we will now have a presence in Northern Ireland. I welcome the BDO NI wealth management team to 1825 North West region. We have many shared values on the importance of good financial advice and doing the best for our clients.”
Last January, 1825 agreed to acquire Cumberland Place Financial Management, a Chartered Financial Planning Firm that specializes in several aspects of advice and offers discretionary investment management service.
The firm has £400m assets under advice and is expected to strengthen its London presence by adding 21 employees including six financial planners, three paraplanners and three investment analysts.
With this deal, the firm will have more than 75 financial planners, advising around 9,000 clients on over £4bn of assets.