Evelyn Partners has acquired Glasgow-based PPM Wealth whose eight-strong team will remain with the expanded business.

They are chairman and co-founder Alan Steven, investment professionals Atif Latif and Ian Black, financial planner Doug Hall, and four support staff. 

Evelyn head of strategic partnerships Richard Dawes said the deal was part of the firm’s succession planning programme for owners of financial advice and investment management firms who are looking to retire over the next few years. 

Mr Steven, who will assume a client relationship role at Evelyn Partners, said that he saw Evelyn as a “long-term home for our team and clients’ which was ‘strongly committed to Glasgow”. 

Evelyn has spent nearly £20m on acquisitions since the beginning of 2022, including £15.5m to pay for 10 deals during its last reporting period and a further £4.3m on IFA buyouts this year. 

The deals in 2022 include £6.4m for Edinburgh-based adviser Capital Risk Management and £3.9m for Newcastle-based adviser Scholes & Brown. 

Earlier this month Evelyn also confirmed it had struck a deal to buy wealth boutique Dart Capital.