Dundee s Thorntons Investments adds £175m of assets with twin acquisitions scotsman.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from scotsman.com Daily Mail and Mail on Sunday newspapers.
Thorntons Investments acquires two firms
By Sonia Rach 25
Stephen Webster, Thorntons Investments:
Thorntons Investments has acquired Matheson Financial Consulting and Sonas Wealth Management as part of its ambitious plans to develop and grow the business.
The Dundee headquartered wealth manager said the acquisitions add around £175m assets under management to the existing £420m it already manages on behalf of clients.
Matheson Financial Consulting, based in Aberdeen, was founded by Rory Matheson in 2003 and is an IFA with £130m AUM, providing whole of market financial advice to clients.
Meanwhile, Sonas Wealth Management, which launched in 2017 by Chris Forde, has £45m AUM. It provides practical financial planning services to people, families and businesses in Dundee, Angus and the surrounding areas.
While it looks at other opportunities in the space
Dundee-headquartered wealth firm Thorntons Investment has entered into M&A deals with two financial advisory firms.
It acquired Matheson Financial Consulting in Aberdeen and Sonas Wealth Management in Dundee for undisclosed sums.
The deals add around £175m in assets under management to the firm’s existing £420m ($574m, €471m).
Both Matheson and Sonas will retain their business models and leadership, as part of the deal, while the unification under the Thorntons brand will happen in due course.
Back office systems and support functions, however, will be integrated straight away.
‘Regulatory pressures’