Thorntons Investments, the Dundee headquartered wealth manager, has acquired Matheson Financial Consulting and Sonas Wealth Management as part of its plans to develop and grow the business.
The acquisitions add around £175m AUM to the £420m Thorntons Investments already manages on behalf of clients.
As part of the agreement, both firms will retain their existing model and leadership before being amalgamated into the Thorntons Investments brand in due course. However, the deals will see back-office systems and support functions being integrated, enabling them to further develop the service proposition for their clients.
Longer term, Thorntons Investments will continue to look at opportunities to make further acquisitions but will always remain focused on retaining its head office in Dundee and adding to the strong reputation Dundee has had as a financial centre.
Aberdeen based Matheson Financial Consulting was founded by Rory Matheson in 2003 and is an IFA with £130m AUM, providing whole of market financial advice to clients.
Launched in 2017 by Chris Forde, Sonas Wealth Management provides practical financial planning services to people, families and businesses in Dundee, Angus and the surrounding areas. It currently has £45m AUM.
First established in 1995 as part of Thorntons Law LLP, Thorntons Investments became a company in its own right in 2014, and now has over 30 staff working in offices across Dundee and Edinburgh.
Thorntons aims to combine high-quality financial planning with a calm and considered approach to investment, offering discretionary management services along with a range of risk targeted model portfolios and an AIM Inheritance Tax Portfolio Service.
Thorntons Investments CEO Stephen Webster said: “These deals are an important milestone for us. After many successful years, we were keen to start seeking out promising partners who could help us expand our footprint and continue strengthening our financial planning proposition. Both Rory and Chris have built up strong reputations locally along with an enviable client base, meaning we will benefit not just from greater efficiencies of scale – which will enable us to streamline services for existing clients – but also their many years of expertise in the business.”
Rory Matheson, Director at Matheson Financial Consulting, commented: “We’ve had conversations with numerous potential investors over the years, but were drawn to Thorntons Investments as an adviser who genuinely understands our business and culture. With regulatory and operational pressures heightening year by year, this deal will not only lighten the load and enable us to devote our full attention to serving clients, but also allow our promising young advisers to flourish. We are all so excited to be working with Stephen and his team to scale up our proposition and help more people access top notch financial advice.”
Chris Forde, Managing Director at Sonas Wealth Management commented: “The deal is a positive and natural step for Sonas Wealth Management. Teaming up with a larger local firm with aligned values and aspirations was key to me and I believe it to be beneficial for our clients and team. I have known and admired Stephen for many years and look forward to working closely alongside him and our new colleagues to continue to develop the aligned businesses.”
Webster added: “Both Matheson Financial Consulting and Sonas Wealth Management are hungry for growth and embody our commitment to progressive yet personal client service, so we are hugely excited about these deals and have no doubt they are the perfect fit for all of our strategic goals.”