The deal, for an undisclosed amount, was confirmed in July this year following several weeks of rumours, and is widely seen as an attempt by Grant Thornton to distance itself from potential conflicts of interest and to “streamline its focus”.
The wealth advisory arm has £1.7bn of assets under advice and more than 100 employees, all of whom have joined 1825.
1825 is pursuing an acquisition strategy that will create a national financial planning and advice business. The Grant Thornton acquisition is the largest deal it has undertaken so far and not only increases the assets under its management by 40% but widens its UK network with two client support centres in Sheffield and Belfast as well as a strengthened presence in London.
Commenting on the acquisition, 1825’s chief executive Julia Scott said, “We’re delighted to welcome the wealth advisory business to the team and we’re looking forward to continuing to support wealth advisory clients as part of 1825.
“Demand for financial planning and advice continues and we want to make it easier for people to access high quality advice when they need it most.”
This is the second purchase of an accountancy firm’s wealth advisory business that 1825 has completed this year. In March, it acquired BDO’s wealth management arm, again for an undisclosed sum, adding 12 staff and £230m in assets under advice.