Bristol-based Clifton Asset Management is to acquire Aberdeen-based wealth manager and IFA Burnett & Reid Wealth Management and is planning further deals.

Clifton is using funds from asset manager Boost & Co to fund the acquisition and further takeovers.

The cost of the acquisition has not been disclosed.

Burnett & Reid (B&R) provides a range of wealth, legal and advisory services to individual clients and businesses from its base in Aberdeen. 

Established in 1991, it has assets under management of £180m. The acquisition will increase Clifton’s total assets under management to £860m, with group revenues of about £8m.

Clifton has acquired a number of firms in recent years including Plan for Life in 2019. In August 2021, it acquired Leonard Gold Financial Management.

The firm says it has “an extensive pipeline of opportunities” under consideration. 

Anthony Carty, group Financial Planning director at Clifton, said: “Colin and John at B&R have built an excellent business providing a first-class Financial Planning service to their clients and professional connections. We are delighted to welcome the B&R team to the Clifton family and will ensure that their clients continue to receive great advice - which is so important in these challenging times.”

Colin Morgan, financial adviser and director at Burnett & Reid said:  “Clifton has a like-minded attitude to client care to us. Yes, they are a larger firm offering comprehensive technical innovation that is difficult to achieve as a smaller entity, however our final decision was based on getting to know their team and seeing their commitment to fairness in their dealings with us, and ultimately, the clients.”