AAB Wealth has started the new year by announcing its acquisition of a smaller financial planning business based in its home city of Aberdeen.
It has swallowed up Kilkee Financial Services for an undisclosed sum.
The enlarged business boasts revenue of about £4.5 million and assets under advice worth a total of around £550 million.
It also has a 25-strong team of financial advisers working with clients in Scotland, England and Northern Ireland.
We have really enjoyed getting to know AAB Wealth over the last year and think we have found a great home for our team and clients.”
Geoffrey Purcell, director, Kilkee Financial Services.
Kilkee was founded in 2002 by Geoffrey Purcell and brings in more than 100 customers.
Mr Purcell, 60, plans to retire but will stay on at the enlarged business for spell to “deliver a suitable handover period” for clients.
Kilkee’s four-strong team is being relocated from premises on Carden Terrace to AAB Wealth’s offices at Prime Four business park in Kingswells.
Transition expected to be ‘seamless’
Andrew Dines, head of AAB Wealth, said: “The transition for Kilkee clients will be seamless as both of our firms offer an exceptional level of service from trusted advisers.
“Our diverse, rules-based approach to investing is the platform to provide a tailored financial plan to support their personal aims and ambitions, supporting our clients navigate the challenges we are all facing in these uncertain times.”
‘I feel very proud’
Mr Purcell said: “We have really enjoyed getting to know AAB Wealth over the last year and think we have found a great home for our team and clients.
“I feel very proud to have sold my business to an Aberdeen-based company, with the calibre and reputation of AAB Wealth.
“The continuing wellbeing of both my clients and staff has been paramount as I considered my retirement plans.
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“Knowing that my clients’ financial planning and investments will be responsibly looked after into the future gives me great reassurance and peace of mind.”
AAB Wealth, which is part of fast-growing accountancy and business advice group AAB, says it has enjoyed year-on-year growth since it was launched in 2011.
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