This marks AAB’s first wealth acquisition in the capital, significantly expanding its footprint in London and the South-east.

The deal increases AAB Wealth’s assets under advice (AuA) by £650 million, bringing the total to £1.8 billion. It also boosts the overall AAB Group headcount to over 1,000 employees.

Headquartered near Gatwick, with an office in the City of London, Magus Wealth was established in 1998, bringing over 25 years of experience and a robust client base. Aligning with AAB Wealth’s commitment to delivering personalised financial planning, this strategic expansion not only broadens AAB Wealth’s geographical reach but also enhances its capacity to offer specialised advice to clients.

Andrew Dines, head of AAB Wealth, said: “Joining together two highly regarded firms, doubling the size of our team and extending our services into the London market, with the opportunities that represents, is a transformative step for AAB Wealth.

“It reflects our unwavering dedication to providing exceptional financial planning services across the UK. We are excited to welcome our new colleagues and clients.”

Michael Aitken, founder and chairman at Magus Wealth, added: “Joining AAB Wealth marks an exciting new chapter for our team and our clients. From our very first conversations it was clear that our values and vision for providing the very highest quality, client-focused financial planning, were perfectly aligned.

“AAB Wealth’s reputation for excellence and innovation in financial planning makes this a perfect fit. We are delighted to become part of a firm that prioritises both client success and professional growth for the team, and we look forward to continuing to expand the business across the UK.”

This deal represents AAB Wealth’s fourth acquisition in the last two years, underscoring the firm’s strategic growth and commitment to excellence in the financial planning sector.

AAB Wealth is currently ranked 7th in the Top 100 Financial Adviser Firms for 2024 by FT Adviser. The firm was also honoured with the PFS Financial Planning Firm of the Year award in 2023, and has been recognised as a top-rated firm by VouchedFor, the UK’s leading review site for financial planners and advisers.

The acquisition is subject to regulatory approval.