Talks to acquire IFA business
1825 plans £30m bid for Grant Thornton advice arm
If would add about 100 employees and 30 individual financial advisers to 1825’s growing portfolio which has seen it broaden its footprint across the UK.
GT’s management is reported by Sky News to be exploring a sale of the IFA business to streamline its focus and distance itself from potential conflicts of interest.
Standard Life Aberdeen decided that 1825 would remain part of the group after the sale of the insurance business to Phoenix last year.
Since its launch four years ago 1825 has acquired a string of regional IFA businesses, taking the tally to seven in March this year with the addition of the wealth management arm of BDO Northern Ireland. This boosted assets under advice by about £230 million to £4.3 billion.
GT has suffered a number of setbacks, including a fine, the axeing of a technology venture and a regulatory inquiry into the auditing profession, but some analysts question whether this justifies selling its advisory business.