Forth Financial Services, an Edinburgh-based IFA, has been purchased by Tenet. The acquisition marks Tenet’s first practice buyout in Scotland.
Forth Financial’s joint director Tom O’Neill will be retiring from the firm while three advisers will join Tenet. The deal will add £58m of assets under management to Tenet.
Joint director of Forth Financial, Brad Cumming, said: “We have had a working relationship with Tenet for over 17 years and therefore the group has an excellent knowledge of our working practices and the profile of our clients.
“This synergy between the two companies will only enhance our ongoing and future client offering and the team at Forth Financial is delighted to be re-joining the Tenet brand.”
Chief executive of Tenet, Mark Scanlon, commented: “I’m delighted that Forth has chosen to continue its journey with Tenet. We look forward to welcoming Brad Cumming, Steven O’Neil and Andrea Riddell as Tenet advisers and wish Tom O’Neil all the best in his retirement.”
The transaction is Tenet’s fifteenth acquisition since the launch of its practice buyout scheme in January 2018.