AAB Wealth, the chartered financial planning arm of professional services firm AAB, has announced the acquisition of London-based Magus Wealth.
This increases its Assets under Advice (AuA) to £1.8bn, a £650m uplift.
The deal, subject to regulatory approval, marks AAB Wealth’s first acquisition in the capital and reflects a strategic focus on expanding its presence in London and the South-east.
It brings the total number of AAB employees to over 1,000.
Founded in 1998 and headquartered near Gatwick with an office in the City of London, Magus Wealth has more than 25 years’ experience in delivering tailored financial planning to a diverse client base.
The acquisition enhances AAB Wealth’s geographical reach and advisory capabilities, aligning with its commitment to personalised, client-centred financial planning.
Andrew Dines, head of AAB Wealth, described the deal as “a transformative step” for the firm.
“Joining together two highly regarded firms, doubling the size of our team and extending our services into the London market, with the opportunities that represents, is a transformative step for AAB Wealth,” he said.
“It reflects our unwavering dedication to providing exceptional financial planning services across the UK. We are excited to welcome our new colleagues and clients.”
Michael Aitken, founder and chairman of Magus Wealth, said: “Joining AAB Wealth marks an exciting new chapter for our team and our clients.
“From our very first conversations, it was clear that our values and vision for providing the very highest quality, client-focused financial planning were perfectly aligned.”
“We are delighted to become part of a firm that prioritises both client success and professional growth for the team, and we look forward to continuing to expand the business across the UK.”
This acquisition is AAB Wealth’s fourth in two years, underscoring its ongoing growth strategy. The firm was named PFS Financial Planning Firm of the Year in 2023 and has been recognised as a top-rated firm on VouchedFor.
AAB has trebled in size since securing investment from August Equity in 2021 and is pursuing a strategy to continue that growth through to 2030.
