Shackleton to add £800m in AUMA with AC Wealth acquisition

Shackleton Advisers has agreed to acquire Scotland-based independent financial advice firm Aberdein Considine Wealth Limited, trading as AC Wealth.

The financial terms of the transaction, which is subject to regulatory approval from the Financial Conduct Authority (FCA), were not disclosed.

Upon completion, the acquisition will add around £800m in assets under management and advice (AUMA) to Shackleton, bringing its total AUMA in Scotland to over £1.3bn.

Forty AC Wealth employees will also transfer to Shackleton, including 14 FCA authorised and regulated financial advisers.

Once the transaction has been completed, Shackleton will operate in Scotland from offices in Aberdeen, Glasgow and Edinburgh, whilst maintaining local representation in Perth and Stirling.

Shackleton said the acquisition significantly expanded its presence in Scotland, with its clients in the country to be served through two regions: Scotland East, with a principal office in Aberdeen, and Scotland West, with a principal office in Glasgow.

It added that this approach would provide continuity for existing Shackleton clients and clients of AC Wealth, who will remain with the same advisers.

“The team at AC Wealth has impressed us from the outset, and I’m delighted that we have been able to agree the acquisition of such a highly regarded firm,” commented Shackleton chief executive officer, Paul Feeney.

“This is a transformative deal for Shackleton in Scotland, a country with which our namesake, Sir Ernest Shackleton, had important connections.

“Scotland is a core market for us, and I believe today’s announcement represents an excellent outcome for all parties, most importantly existing clients of AC Wealth, who should in time benefit from our growing scale and strong track record of driving down the cost of investing, while retaining an absolute commitment to providing first-class advice and service.”

AC Wealth chief executive officer, Jennifer Paice, said becoming part of Shackleton was a positive development for AC wealth clients and colleagues.

“Our approach and values are closely aligned, and this development will provide not only continuity of relationships and service for our clients, but also additional support and resources of a much larger chartered, client-focused firm,” she continued.

“I’m excited for the opportunities this transition will present to our team and to support our continued development and success in the financial advice sector in Scotland.

“As we look forward to starting this next chapter in our development, I would like to take this opportunity to thank the partners and our former colleagues at Aberdein Considine, who have been hugely supportive over the years.”

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