Foster Denovo has acquired Glasgow-based independent financial adviser (IFA) firm Verum Wealth.

The acquisition will see Foster Denovo further expand its presence in Scotland, adding £87m of assets under advice to its recently established Glasgow hub.

Verum was founded in 2015 by Tony McPhee, and previously operated as a joint venture with an accountancy firm.

Its client base is predominantly owner-managed businesses, with McPhee supported by Angela Britton, Samantha McIntosh and Alison Kerr.

The Verum team will join Foster Denovo’s Glasgow office, further expanding the office after Rosemount Asset Management was acquired last summer.

Foster Denovo said that McPhee, who became an employed partner on the deal completion, chose the firm for the flexibility afforded to him to plan his succession while securing career progression opportunities for his staff.

“I have spent more than a decade building the Verum business and my team have been with me every step of the way,” said Verum Wealth managing director, Tony McPhee.

“It is important to me that the acquiring firm is not only the right home for my clients but also offers clear development opportunities for my colleagues.

“Jon Sweeney of Rosemount worked with me on the Verum investment process for many years and I have been very fortunate to be able to hear, at first-hand, from Jon about the culture and quality of the Foster Denovo advisory business.

“I took great comfort from the fact that Jon’s experience was further evidence Roger, and his team really do walk the talk when it comes focusing on cultural fit.”

Foster Denovo CEO, Roger Brosch, commented: “Tony, Angela, Samantha, and Alison epitomise what it is to be a genuinely client-focused business with ambition – the cultural fit with Foster Denovo really couldn’t be any stronger.

“We’re delighted they’re on board and excited for what the future holds with this first addition to our Glasgow hub.”

The acquisition of Verum marks Foster Denovo’s continued expansion in the UK, having also acquired Midlands-based firms Brian Mole IFAs and 80Twenty last year.

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