Consolidator Clifton Asset Management has completed the acquisition Burnett & Reid Wealth Management in the first of several deals it hopes to close as it accelerates its ‘buy and build’ strategy.
Aberdeen-based Burnett & Reid Wealth Management, which has been operational since 1991, has assets under management (AUM) of £180m. Its purchase will take Clifton's total AUM to £860m, with group revenues of circa £8m. Colin Morgan, financial advisor and director at Burnett & Reid said: "Clifton has a like-minded attitude to client care to us. Yes, they are a larger firm offering comprehensive technical innovation that is difficult to achieve as a smaller entity, however our final decision was based on getting to know their team and seeing their commitment to fairness in their dealings w...
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