Macdonald Henderson has advised Glasgow-based financial advice firm Rosemount Asset Management on its disposal to UK national firm Foster Denovo.

Rosemount Asset Management was established by Raymond Pirrie in 2010. The team consists of three advisers, Raymond, Jon Sweeney and Graham Scott, and four support staff. They manage over £200 million in assets for 571 households throughout Scotland.

The transaction represents a double milestone for Foster Denovo, as its fourth acquisition in just 12 months and a significant first step in realising its strategic ambitions for Scotland.

Through the recent acquisition of Punter Southall Aspire earlier in the year, Foster Denovo secured a strong employee benefits consultancy presence in the Scottish capital. This latest deal marks its first acquisition of a private wealth business in the country and signals its intent to establish a strong presence in Scotland.

Using the blueprint for growth of its highly successful hub in the Northeast of England – which in the space of 12 months grew from £1m to £5m in revenue through a mix of acquisition and recruitment – Foster Denovo believes similar growth can be achieved in Scotland.

Roger Brosch, CEO of Foster Denovo, commented:

“We are delighted to welcome the Rosemount team to the Group and are excited to expand our private wealth footprint into Scotland. Since we first met Raymond, Jon and Graham it was clear there was a strong cultural and propositional fit and we believe this can become the regional hub to grow our presence further in the region”.

Raymond Pirrie, Managing Director of Rosemount Asset Management, added:

“We want to grow and advance in the right way. Achieving this in the current market requires eye-watering amounts of ongoing investment in technology and in your people, as well as time away from client work running an advisory business. At times, it can feel like the day comprises of little else but regulatory ‘admin’.

“Having a trusted partner take care of that enables us to focus on what’s important – looking after our clients. The peace of mind that Foster Denovo provides, ensuring we are meeting all of our regulatory and governance requirements and having a robust and tested process for evidencing it, is truly priceless.

“Additionally, we are excited about gaining access to innovative solutions, a broader range of financial planning options for our clients, and the new opportunities for our staff that come with being part of a larger organisation with greater infrastructure.”

About Macdonald Hendeson, Mr Pirrie commented:

“David, Cameron & Emily were collectively an expert pair of hands who guided us seamlessly through a less than straightforward deal. Their skills, professionalism, wise counsel and a desire to “get the job done” were essential in getting the deal to completion”.

We are delighted to have advised Rosemount Asset Management and its dynamic management team on this exciting transaction and wish the employees and all stakeholders of the combined business every success for the future.

 

 

Advisors to the transaction:

Sellers – Macdonald Henderson (legal), Henderson & Company (accountancy)

Buyer – Blake Morgan (legal)