Wealth management group Evelyn Partners has continued its expansion in Scotland with the acquisition of Glasgow-based PPM Wealth.
The deal will see eight members of staff joining Evelyn Partners, which has a team of 350 moving into a new Glasgow office in Bothwell Street. Among them are PPM chairman and co-founder Alan Steven, who will assume a client relationship role, along with investment professionals Atif Latif and Ian Black, financial planner Doug Hall, and four support staff.
Mr Steven said Evelyn is an "excellent long-term home" for PPM's team and clients.
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"It is an impressive and growing business, which is strongly commited to Glasgow, with a major presence in the city," he added. "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.”
Evelyn Partners was created from the 2020 merger of Tilney and Smith & Williamson, the latter of which was founded in Glasgow in 1881.
It has grown to be one the largest wealth managers in Scotland, with offices in Aberdeen, Edinburgh and Glasgow. In total, Evelyn has £54.4 billion of assets under management via its network of offices across 28 towns and cities throughout the UK.
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Paul Frame, Evelyn's regional managing partner for Scotland and Northern Ireland, said: “We are really delighted to welcome Alan and his team to Evelyn Partners. The fit between PPM Wealth and Evelyn Partners is an excellent one, with both firms providing our clients with a joined-up combination of professional investment management and financial planning advice and to help them achieve their financial goals.
"The team joins at exciting time for the business both across the wider UK and here in Glasgow, where we will soon be moving into landmark new premises at 177 Bothwell Street to accommodate our ambitious growth plans.”
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