Macdonald Henderson has advised Glasgow-based financial advice firm Verum Wealth on its sale to UK national firm Foster Denovo , the deal completing on New Year’s Day 2025.

The addition of Verum Wealth marks FD’s seventh acquisition in just over a year and adds £87m of assets under advice to its recently established Glasgow hub.

The transaction represents Macdonald Henderson’s second client disposal to FD, having acted in the sale of Rosemount Asset Management to FD in August 2024.

Verum was founded by Mr Tony McPhee in 2015. The business previously operated as a joint venture with an accountancy firm. The client base is mainly owner managed businesses and Tony is supported by Angela Britton, Samantha McIntosh and Alison Kerr. The Verum Wealth team will join the new office in the city’s business district hub after Rosemount Asset Management came on board last summer.

Tony, who became an employed partner on the deal completing, chose FD for the flexibility afforded to him to plan his succession while securing career progression opportunities for his staff.

Tony McPhee, Managing Director of Verum Wealth, said:

“I have spent more than a decade building the Verum business and my team have been with me every step of the way. It is important to me that the acquiring firm is not only the right home for my clients but also offers clear development opportunities for my colleagues.

“Jon Sweeney of Rosemount worked with me on the Verum investment process for many years and I have been very fortunate to be able to hear, at first-hand, from Jon about the culture and quality of the Foster Denovo advisory business.  I took great comfort from the fact that Jon’s experience was further evidence Roger, and his team really do walk the talk when it comes focusing on cultural fit.”

Roger Brosch, CEO of Foster Denovo, said:

“Tony, Angela, Samantha, and Alison epitomise what it is to be a genuinely client-focused business with ambition – the cultural fit with Foster Denovo really couldn’t be any stronger. We’re delighted they’re on board and excited for what the future holds with this first addition to our Glasgow hub.”

About Macdonald Henderson, Mr Tony McPhee commented:

“When the due diligence process was cleared and the finishing line agreed, David, Cameron and the MH team pulled out all the stops to get the deal over the line in a very short time scale – great work and a big thank you!”

We are delighted to have advised Verum Wealth 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.

Legal advisors to Sellers – Macdonald Henderson;

Accountancy advisors to Sellers – BK Plus Glasgow;

Legal advisors to Buyer – Blake Morgan (lead); Shepherd + Wedderburn (Scottish property aspects).