Chartered Financial Planning firm AAB Wealth has acquired £650m AUA London-based Financial Planning firm Magus Wealth for an undisclosed amount.

The deal, subject to regulatory approval, is Scotland-based AAB’s first wealth acquisition in the capital and boosts its AUA to £1.8bn.

Magus Wealth was established in 1998 by Michael Aitken and has its headquarters near Gatwick, with an office in the City of London.

Andrew Dines, head of AAB Wealth, said: “Joining together two highly-regarded firms, doubling the size of our team and extending our services into the London market, with the opportunities that represents, is a transformative step for AAB Wealth.

“It reflects our unwavering dedication to providing exceptional Financial Planning services across the UK.”

Mike Aitken, founder and chairman at Magus Wealth, said: “Joining AAB Wealth marks an exciting new chapter for our team and our clients.

“From our very first conversations it was clear that our values and vision for providing the quality, client-focused Financial Planning, were perfectly aligned. We look forward to continuing to expand the business across the UK.”

The deal is AAB Wealth’s fourth acquisition in the last two years. In September 2024 it acquired Edinburgh-based Financial Planning firm WealthFlow.

In June last year it acquired Synergy Financial Planning, based in Bishopbriggs, Central Scotland. In January 2023 it acquired Kilkee Financial Services Ltd (Kilkee), based in Aberdeen.

AAB Wealth was established in 2011 and is the chartered financial planning arm of professional services firm AAB and since securing investment from August Equity in 2021, AAB has trebled in size and now employs more than 1,000 people.