Acquisitive Financial Planning and wealth management firm Kingswood has acquired Glasgow-based financial adviser Strategic Asset Managers Limited (SAM) for £5.1m.

The fee is payable over two-years, with £3.1m paid on completion and the balance paid on a deferred basis.

SAM was formed in 2001 and works with families, businesses and professional partners across the central Scotland and Perthshire areas. The team has three advisers and eight employees, managing more than 400 clients and over £200m of assets.

It generated revenue of £1.2m and profit before tax of £517,000 in the year to 31 March 2022.

The transaction boosts Kingswood's global funds under advice/management to more than £10.5bn.

David Lawrence, Kingswood chief executive, said: "I'm pleased to announce another step forward in the growth of Kingswood as we expand our footprint into Scotland. The opportunity to build our relationships across Scotland is an exciting one as we strive to help more people achieve their goals.”

He said that Kingswood's build and buy strategy continues, with a further four purchase transactions under exclusive due diligence, that it expect to close in the coming months, plus additional transactions that are currently under negotiation.

Derek Stewart, chief executive of SAM, said:  "Delivering advice in today's complex markets requires significant resources which Kingswood have and it is no coincidence that they have the same values as SAM; integrity, teamwork and impact. We operate in a very similar way and believe this will benefit our clients and present greater development opportunities for our staff."

Fiona Stewart, managing director of SAM, added: "We have worked closely with Kingswood's key personnel during the due diligence process and have been impressed by the quality of their people, their vision and technology. Joining Kingswood will allow our clients and staff access to technology and resources that were out of our reach as a smaller advisory firm."

Kingswood Holdings is an AIM-listed international fully integrated wealth management group with around £9.5bn of assets under advice and management. It services around 19,000 clients from a growing network of offices across the UK with overseas offices in South Africa and the US. It is focused on becoming a leading player in wealth and investment management through targeted acquisitions both in the UK and overseas.