Foster Denovo has bought Glasgow-based Rosemount Asset Management for an undisclosed sum as it looks to establish itself in Scotland.
The deal will add more than £200mn in assets and 571 households to Foster Denovo.
Rosemount was funded in 2010 by Raymond Pirrie and consists of three advisers including Jon Sweeney and Graham Scott as well as four support staff.
This is Foster Denovo’s first purchase of a private wealth business in Scotland and it hopes similar growth can be achieved in the region as in its Northeast of England hub.
Raymond Pirrie, managing director of Rosemount Asset Management, said: “We want to grow and advance in the right way. Achieving this in the current market requires eye-watering amounts of ongoing investment in technology and in your people, as well as time away from client work running an advisory business. At times, it can feel like the day consists of little else but regulatory admin.
“Having a trusted partner to take care of that enables us to focus on what’s important – looking after our clients. The peace of mind that Foster Denovo provides, ensuring we are meeting all of our regulatory and governance requirements and having a robust and tested process for evidencing it, is truly priceless."
Pirrie added the firm is looking forward to having access to more financial planning options for its clients and staff.
Foster Denovo recently bought Edinburgh-based Punter Southall Aspire's employee benefits business, earlier this year, to secure an employee benefits consultancy presence in Scotland
Roger Brosch, chief executive of Foster Denovo, added: “Since we first met Raymond, Jon and Graham it was clear there was a strong cultural and propositional fit and we believe this can become the regional hub to grow our presence further in the region.
“The integration of Rosemount will free up a considerable amount of time for the team to focus on what they do best, looking after and winning new clients. The propositional fit will enable a continued, and even enhanced, level of client experience to be achieved.”
Foster Denovo has now made a total of four acquisitions in 12 months after it secured up to £100mn funding from minority stakeholder Crestline Investors for a five-year growth strategy in 2022.
alina.khan@ft.com
