Glasgow-based Gilliland Neilson Brown has acquired Prudent Financial Management in a deal that will contribute £20 million in assets under advice to GNB.
Prudent Financial Management was founded by former Prudential executives who are now looking to retire: George Bryce, James Wilson and Stephen Brady.
The founder of GNB, Richard Gilliland, commented on the firm’s acquisition strategy:
“The acquisition is part of our assertive growth strategy, with further acquisitions being actively sought in order to reach a target of funds under management of £250 million.
“Gilliland Neilson Brown will take on a member of Prudent Financial Management’s team, with their three directors – all of whom had originally worked for Prudential – retiring. The transaction has very recently completed.”
Gilliland also commented that he was hopeful for GNB to increase its reach and “expand throughout Scotland”.