Expanding national advice firm Foster Denovo has acquired £200m AUM Glasgow-based financial advisers Rosemount Asset Management for an undisclosed amount, the firm’s fourth acquisition in 12 months.

Rosemount Asset Management was established by Raymond Pirrie in 2010.

The firm consists of three advisers, including Jon Sweeney and Graham Scott, and four support staff who manage more than £200m in assets for 571 households throughout Scotland.

Last month Rosemount partnered with an anti-addiction, mental health support campaign set up by former Arsenal and England captain Tony Adams to work with his Six Mental Health Addiction (Six MHA) group.

Foster Denovo already has a presence in Scotland through the acquisition of employee benefits consultancy Punter Southall Aspire, announced last November.

The company said the latest deal signals its intent to establish a strong presence in Scotland.

It said it believes growth can be achieved in the country similar to that achieved by its hub in the Northeast of England, which in the space of 12 months grew from £1m to £5m in revenue through a mix of acquisition and recruitment.

Roger Brosch, chief executive of Foster Denovo, said: “We are excited to expand our private wealth footprint into Scotland. 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.”

He said the integration of Rosemount will free up time for the team "to focus on what they do best, looking after and winning new clients."

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 comprises of little else but regulatory ‘admin’.

“Having a trusted partner take care of that enables us to focus on what’s important. We are gaining access to innovative solutions, a broader range of Financial Planning options for our clients, and the new opportunities for our staff that come with being part of a larger organisation with greater infrastructure.”

Last November Foster Denovo acquired £110m AUM Creative Financial Solutions based in Hampshire for an undisclosed sum. In September 2023 it acquired £220m Newcastle Chartered Financial Planning firm Wade Financial. 

The group, which also owns investment management company Sequel Investments, embarked on a wave of acquisitions after receiving  a £100m investment by Crestline Investors last year. Crestline is a private equity firm based in Fort Worth, Texas. It has around $14bn (£11.44bn) in assets under management.