Two deals add £175m to Thorntons Investments
Stephen Webster: milestone
Thorntons Investments, the Dundee-based firm, has acquired two financial advisory firms.
It has snapped up Matheson Financial Consulting in Aberdeen and Sonas Wealth Management in Dundee for undisclosed sums.
The deals add around £175m in assets under management to the firm’s existing £420m.
Both Matheson and Sonas will retain their business models and leadership, as part of the deal, while the unification under the Thorntons brand will happen in due course.
Back office systems and support functions, however, will be integrated immediately.
Thorntons has been in pursuit of the two firms since last summer.
In the longer-term, the wealth manager said it will keep looking at further opportunities within the advisory M&A market.
Established in 1995 as part of Thorntons Law, Thorntons Investments became a company in its own right in 2014, and now has more than 30 staff in Dundee and Edinburgh.
Chief executive Stephen Webster said: “These deals are an important milestone for us. After many successful years, we were keen to start seeking out promising partners who could help us expand our footprint and continue strengthening our financial planning proposition.”
Rory Matheson, director at Matheson Financial Consulting, added: “With regulatory and operational pressures heightening year by year, this deal will not only lighten the load and enable us to devote our full attention to serving clients, but also allow our promising young advisers to flourish.”
Chris Forde, managing director at Sonas Wealth Management, said: “The deal is a positive and natural step for Sonas Wealth Management.
“Teaming up with a larger local firm with aligned values and aspirations was key to me and I believe it to be beneficial for our clients and team.”