Succession deal opens up scope for growth at Caledonia Financial Advisers

The acquisition marks Succession’s 24th adviser buyout, bringing it towards the halfway mark of its growth strategy.

Caledonia began working with the firm, which already has five offices in Scotland and £11 billion of funds under management, in 2013.

The Caledonia acquisition adds £150m of funds to Succession’s books.

The past three years has seen Caledonia focus on the development of its financial planning proposition for high net worth clients, growing funds under management by 50 per cent and managing director Alan Craig said the deal now gives Caledonia the means to grow the business in the next three to five years, in addition to boosting its current 11-strong headcount.

The deal forms part of Succession’s plans to acquire 50 firms from its membership by the end of 2017.

In June, it secured a £25m funding package from HSBC and its existing private equity backers to accelerate expansion.

Soon after it acquired Beckenham-based Maze Wealth for £1.2m, which added about £40m to its funds under management towards a total of £11bn of assets.

Succession Group chief executive Simon Chamberlain said: “Succession has consistently delivered on key growth targets for member firms, working within a timeframe that suits individual business owners.

“Our continued major investments in people, technology and the infrastructure of our business, helps clients achieve their financial goals and we are building a strong regional presence with client serving hubs in key strategic locations.”

Mr Craig added: “Independent advice is core to providing investment strategies that deliver clarity, certainty and peace of mind.

“While other consolidators have gone restricted or given away their assets to other platforms and fund management groups, we look forward to continuing an advice process with our client that means their assets never leave Succession’s legal control.”