Evelyn Partners has completed a deal with boutique wealth manager PPM Wealth as part of its expansion in Scotland.
PPM Wealth is a Glasgow-based boutique wealth manager that supports its clients with discretionary portfolio management and financial planning services.
As part of the deal, a team of eight will move from PPM Wealth to Evelyn Partners.
This includes PPM Wealth chairman and co-founder Alan Steven, who will assume a client relationship role, as well as investment professionals Atif Latif and Ian Black, financial planner Doug Hall, and four support staff.
Steven said: “We are excited to be joining Evelyn Partners, which we see as an excellent long-term home for our team and clients.
“It is an impressive and growing business, which is strongly committed to Glasgow, with a major presence in the city.
“Importantly, Evelyn Partners has similar values to those we have championed over the last four decades at PPM Wealth, with a strong focus on building long-term partnerships.”
FTAdviser understands this deal is part of Evelyn's succession planning programme for owners of financial advice and investment management firms who are looking to retire over the next few years.
It has hired the team at PPM Wealth, who will then invite their clients to become clients of Evelyn Partners.
Richard Dawes, head of strategic partnerships at Evelyn Partners, said: “We are really delighted to welcome Alan and his team to Evelyn Partners as part of our business succession planning programme for owners of financial advice and investment management firms who are looking to retire over the next few years.
“The fit between PPM Wealth and Evelyn Partners is an excellent one, with both firms providing our clients with a joined-up combination of financial planning advice and professional investment management to help them achieve their financial goals.
"As PPM clients come across to Evelyn Partners, they can be assured of a continued high quality and holistic wealth management service.”
Evelyn Partners, which was created in 2020 from the merger of Tilney and Smith & Williamson, the latter of which was founded in Glasgow in 1881.
It already has offices in Aberdeen, Edinburgh and Glasgow.
sonia.rach@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
