Loyal North has acquired Scottish Borders-based Financial Planning firm Sovereign Financial Services for an undisclosed sum.

Sovereign is based in Galashiels and adds £60m of client assets to the group.

Principal John Kennedy will remain with the firm as a senior Financial Planner to oversee the effective transition of clients before retiring.

Sovereign’s team will join Loyal North’s regional hub, Lowland Financial Planning, which is also based in Galashiels.

Mr Kennedy said: “Our business has prided itself on providing excellent Financial Planning, putting our clients at the heart of what we do and that is why the team at Lowland, and the personalised and local approach of Loyal North made them the perfect choice for the future of our clients”.

David Nichol, managing director at Lowland, said the acquisition is one step in a plan to grow the Loyal North’s southern Scottish hub.

He said: “This acquisition marks a further step in our growth plans for Loyal North’s southern Scottish hub. John has built an excellent business and it will be a privilege for us to have the responsibility for looking after the Financial Planning needs of his clients once he retires.”

Following this latest acquisition, Loyal North now manages over £1.8bn in client wealth nationally, with a short term goal to surpass £2bn.

Loyal North was created with the aim of, “building the UK’s best Financial Planning service." The group acquires firms with a strong local presence and leaves the day-to-day management and regulatory responsibility in the hands of local teams, who can retain participation in the ownership of the business, Loyal North says.