Standard Life-owned national restricted firm 1825 has acquired Bristol-based IFA Fraser Heath.
The deal will add £352 million of assets under advice to 1825.
It is the first acquisition made by 1825 since Standard Life merged with rival asset manager Aberdeen Asset Management.
Fraser Heath Financial Management will be used as 1825’s South West regional office. The IFA has 23 employees including seven planners and five paraplanners.
Fraser Heath’s leadership team of Jim Collier, Alan Loomes and Mark Fletcher will continue to work at the firm. Collier will become managing director for the South West regional office and will join the 1825 Executive Committee.
The deal brings 1825’s number of financial planners to over 70, with a client 8,500 and around £3.7 billion of assets under advice.
1825 recently underwent a senior management reshuffle in which the chief executive, Steve Murray, moved into the position of managing director, commercial and strategy for Standard Life and chairman of 1825.
Julie Scott (pictured), previously chief operating officer at 1825, became the firm’s new chief executive officer. Scott said 1825 would look to take advantage of other 'exciting opportunities' to grow into 'a financial planning business of significant scale'.
In 2015 Murray said 1825 had a target of 150 advisers and reach across the whole of the UK.
Following the recent senior management reshuffle Murray told New Model Adviser® despite his stepping away from his role and the fact 1825 had not grown inorganically since 2016, it would be continue acquiring advice firms and hoped to announce another two deals before 2018.
‘When we look forward we are not setting a deadline for the announcement of more acquisitions but we remain confident there will be further acquisitions in the second half of this year,’ he said.