North East-based Chartered Financial Planning firm Fairstone has established an Aberdeen hub to boost its footprint in Scotland following the acquisition of two local Financial Planning firms.
The wealth manager has bought independent financial advice firms City Gate Aberdeen and Albyn Associates, both based in Aberdeen.
The two firms, which manage a total of £180 in assets, have relocated to Fairstone’s new north Scotland hub office in Westhill on the outskirts of Aberdeen. They will join the group’s existing operations in Aberdeen.
Fairstone has expanded strongly this year, opening new hubs to combine several firms in one location. In June the firm opened a major new hub in Cardiff as it expands its presence in Wales. The wealth manager now has 13 regional hub offices and more than 40 other offices across the UK and Ireland.
Fairstone CEO Steven Cooper said: “We’re delighted to welcome City Gate Aberdeen and Albyn Associates to the group and to be opening our new office, which will form the hub for our operations across northern Scotland.
“This is a significant move for us in a strategically important area of the UK where we see great potential for further expansion. Aberdeen and northern Scotland have a strong tradition of entrepreneurial, internationally connected businesses which are increasingly shaped by the energy transition.
“We see this creating strong demand for the kind of sophisticated Financial Planning, private wealth and intergenerational advice which we specialise in."
City Gate Aberdeen was founded September 2002 and provides clients with a wide range of Financial Planning, mortgage and protection services, managing more than £100m of assets. It is headed by Chartered Financial Planner and PFS Fellow Alan Johnston.
Alan Johnston said: “We’re excited to become part of Fairstone and to have moved into the new hub office. This will give us improved technology infrastructure, enhanced meeting facilities and enable us to continue to offer our wider range of services to clients.
Albyn Associates was founded in 1998 and offers a wide range of Financial Planning and mortgage services and manages over £80m of assets.
Albyn is headed by independent financial advisers Colin MacLennan and Charlie Thomson.
Mr MacLennan said: “We joined Fairstone to strengthen the support we can offer to clients. It’s enabled us to meet increasing regulatory, technology and governance requirements, while giving us access to colleagues who are specialists across all areas of Financial Planning.
“Our clients benefit from Fairstone’s whole‑of‑market relationships and national network and the group’s scale means clients can also access a wider range of products, often at more favourable investment terms."
Fairstone employs more than 1,350 people and serves more than 65,000 wealth clients and 60,000 mortgage clients.