Foster Denovo has acquired Glasgow-based financial advice firm Rosemount Asset Management, marking a double milestone for the national firm as its fourth acquisition in just 12 months and a significant first step in realising its strategic ambitions for Scotland.
Rosemount Asset Management was established by Raymond Pirrie in 2010. The team consists of three advisers, Jon Sweeney and Graham Scott, and four support staff. They manage over £200 million in assets for 571 households throughout Scotland.
Through the recent acquisition of Punter Southall Aspire earlier in the year, Foster Denovo secured a strong employee benefits consultancy presence in the Scottish capital. This latest deal marks its first acquisition of a private wealth business in the country and signals its intent to establish a strong presence in Scotland.
Using the blueprint for growth of its hub in the Northeast of England – which in the space of 12 months grew from £1m to £5m in revenue through a mix of acquisition and recruitment – Foster Denovo said it believes similar growth can be achieved in Scotland.
Like Newcastle, the foundations for the Scotland hub are being laid by an advisory firm with a clear cultural fit with the national firm, one that prioritises its people and its clients.
Roger Brosch, CEO of Foster Denovo, said: “We are delighted to welcome the Rosemount team to the Group and are excited to expand our private wealth footprint into Scotland. Since we first met Raymond, Jon and Graham it was clear there was a strong cultural and propositional fit and we believe this can become the regional hub to grow our presence further in the region.
“The integration of Rosemount will free up a considerable amount of time for the team to focus on what they do best, looking after and winning new clients. The propositional fit will enable a continued, and even enhanced, level of client experience to be achieved.”
Raymond Pirrie, managing director of Rosemount Asset Management, added: “We want to grow and advance in the right way. Achieving this in the current market requires eye-watering amounts of ongoing investment in technology and in your people, as well as time away from client work running an advisory business. At times, it can feel like the day comprises of little else but regulatory ‘admin’.
“Having a trusted partner take care of that enables us to focus on what’s important – looking after our clients. The peace of mind that Foster Denovo provides, ensuring we are meeting all of our regulatory and governance requirements and having a robust and tested process for evidencing it, is truly priceless.
“Additionally, we are excited about gaining access to innovative solutions, a broader range of financial planning options for our clients, and the new opportunities for our staff that come with being part of a larger organisation with greater infrastructure.”
