Financial adviser group Tenet has acquired Edinburgh-based Forth Financial Services for an undisclosed sum.
This is the firm’s first practice buyout in Scotland.
Tenet will retain the Forth Financial branding in a deal that adds approximately £58m ($74.5m, €64.7m) of assets under management.
The group told International Adviser: “Acquisitions are part of Tenet’s long-term strategy, building on our current network of regional offices with firms that are a good fit with our business model.”
This is Tenet’s 15th practice buyout since launching its scheme in January 2018, which offers network member firms an exit strategy for retirement.
In May, it acquired UK wealth manager Derbyshire Booth, while it bought Preston-based Colin Galbraith Independent Financial Services for an undisclosed sum in June.
The group offers a range of deals; from smaller client bank acquisitions and share purchases, to larger company buyouts.
Tenet spoke to IA about its buyout scheme a few months ago.