Standard Life and Grant Thornton thrashing out deal over advice arm
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Talks are underway between Standard Life Aberdeen’s national advice arm 1825 and Grant Thornton to acquire the global accountancy firm’s advice business for £30 million.
According to Sky News, Edinburgh-based 1825 would take ownership of 30 new IFAs following a deal.
The reports also suggest that Grant Thornton may be looking to offload its advice arm in order to head-off the implications of new looming regulations that aim to takle conflict of interest issues in the audit industry.
The current negotiations follow Standard Life’s recent acquisition of a string of IFA businesses including the Munro Partnership, London-based Baigrie Davies and Crewe firm Jones Sheridan.
But a deal with Grant Thornton would be the first advice firm to be acquired by Standard Life since its £11bn merger with Aberdeen Asset Management in 2017.
1825 has continued to make losses in the three years since its launch.
Despite increasing assets under advice from £700m to £4.3bn, the advice channel made a £1m loss in the first half of 2018.
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