Aberdeen-based independent financial advisor Central Investment Services, has been acquired by Ascot Lloyd, the Reading-registered IFA firm, for an undisclosed sum.
Central Investment has a longstanding track record of success in the Scottish market, providing professional financial planning and investment management services to both private and corporate clients across the region.
Collectively the acquisition adds £761m in funds under influence, eight IFAs as well as a team of support staff to the Ascot Lloyd Group.
The acquisition supports Ascot Lloyd’s commitment to serving the full breadth of the UK with its market leading advisory services, it said.
As a result of the acquisition Ascot Lloyd becomes one of the largest financial adviser firms in Aberdeen.
Nigel Stockton, chief executive of Ascot Lloyd, said: “Ascot Lloyd continues to be one of the fastest growing IFAs in the UK, and the acquisition of Central Investment adds to our already extensive national footprint.
“We are extremely pleased that we have been able to continue the momentum with which we ended 2020 and our strong balance sheet means that we remain well-positioned to continue to deliver on our M&A strategy. Critically, we are continuing to identify high-quality businesses that match our culture and values.
“For Central Investment, they are joining a business that can sufficiently alleviate the regulatory and compliance burdens smaller firms face, allowing them to increase time spent on their core role – advising clients. Scotland is of huge importance to us, and we are delighted to have further grown our presence here.”
Derek Robertson, managing director of Central Investment, said: “In recent years it has become increasingly challenging for regional IFA practices such as us to continually adapt to growing regulatory burdens and ever-rising costs. Joining with a national firm such as Ascot Lloyd, means we have the support behind us and we can continue to grow and serve our local community working with clients in the long-term as we always have.
“It was important for us to find a partner that aligns with our culture and ethos, and through Ascot Lloyd we have found a perfect match. We look forward to working with our new colleagues to continue to offer the high-quality service that has underpinned Central Investment as a well-respected advisory business in the region.”
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