Edinburgh-based Scotia Wealth Management have boosted their assets under advice by £20M with the acquisition of Beauchamp & Hofmann, taking them another step towards their strategic goal of managing £70 million of assets by 2017.
Through the acquisition the total number of advisers in Scotia will rise to 3, with Beauchamp & Hofmann directors George Beauchamp and Patricia Hofmann joining the firm. However both parties are looking to retire over the next 5 years.
Bill Smith, Scotia’s director, said of the deal:
“The goal for Beauchamp & Hofmann was to make sure their clients would be looked after and they were looking for support as well. I have a big team here, and systems and processes that will make it easier them. The deal is that we have agreed an amount that we will pay over a set period from the day they retire.”
The acquisition will add 600 clients to Scotia Wealth management’s client list, adding significant growth in client numbers to the business, which was launched in 2011.