THE wealth management business of accounting firm BDO Northern Ireland has been acquired by a Scottish company for an undisclosed sum.
1825, Standard Life Aberdeen’s wholly owned financial planning and advice business has agreed the acquisition of the wealth management arm of BDO in the north, which has assets under advice of around £230 million.
It is 1825’s first acquisition in Northern Ireland with 12 Belfast employees, including four financial planners, joining the team.
Nigel Harra, senior partner at BDO Northern Ireland described the deal as a "tremendous boost of confidence" in the local market and the company's wealth management team.
“We are thrilled to be working with 1825 as they also share our focus on putting the client first and providing them with a dedicated, bespoke service."
"This investment and 1825’s shared client-focused approach, along with the ongoing local leadership of Carol Malcolmson, provides the team with the opportunity for further growth and development, and as a spring-board for continuing success," he said.
Following completion of the deal, expected on July 1, the BDO wealth management business will be known as 1825 Northern Ireland, with its office remaining in Belfast city centre. It will form part of 1825 North West region, headed up by Mike Cullinane.
“I’m delighted 1825 has extended its geographical reach and that we will now have a presence in Northern Ireland. I welcome the BDO NI wealth management team to 1825 North West region. We have many shared values on the importance of good financial advice and doing the best for our clients," Mr Cullinane said.
“It’s four years since we launched 1825 in response to the growing demand for financial advice. We remain focused on growing 1825 and helping our clients plan for a better future”.
Established over 25 years ago BDO Northern Ireland’s wealth management team specialises in all aspects of wealth planning and support from corporate to personal and trust advice.
BDO Northern Ireland is based at Callendar Street in Belfast and is part of the accountancy and business advisory firm's global network of offices.
