Aviva-owned Succession Wealth has bought independent financial advice business Spence & Spence, subject to regulatory approval.
The Edinburgh-based IFA, which was founded in 1994, manages £170m in assets.
It provides financial advice to clients covering areas such as pensions and retirement planning, investments, mortgage, and protection.
Succession Wealth said the purchase represents an important expansion as it seeks to strengthen its foothold in Scotland.
It is the second acquisition under Aviva ownership and follows the purchases of Pannells Financial Planning, G+E Wealth Management, JCF Financial Services, Bankhouse Financial Management and Oxford Advisory Partnership in 2022.
The IFA firms collectively brought in more than £2.2bn in assets.
The latest acquisition is the 62nd for Succession Wealth’s since 2014.
Succession Wealth chief executive James Stevenson said: “We see a lot of companies, but it became obvious to us very quickly that this was a high-quality business, filled with a talented financial planning team who share our values.
“Their longstanding high quality reputation in the marketplace and focus and commitment on building long-term client relationships is something that especially resonated with us.
“Overall, we remain focused on organic growth and strategic acquisitions where we believe they will benefit both parties. This enables us to continue to be selective in our acquisitions.
“We continue to receive notable approaches direct from financial planning firms and from the wider marketplace across the country and we are currently in exclusivity and advanced acquisition discussions with several high-quality independent planning firms.”
Spence & Spence director Charlie Spence added: “After almost three decades growing the business, this is a big step, but one we are very excited to take with Succession.
“From our first meeting, the synergies between our two businesses were clear and with the benefit of the backing and support from a large organisation like Aviva, we can focus more on our clients and our relationships with them.
“There has been a huge amount of support from Succession to ensure a smooth deal process and they have considerable experience when it comes to successfully integrating firms – something we are already seeing. Our priority has always been our staff and clients, and we have no doubt that they will all benefit from Succession’s breadth and depth of expertise and capabilities.”
In March 2022, Aviva bought Succession Wealth for £385m to boost its presence in the advice market.
The acquisition was completed in August 2022. The wealth manager has approximately 200 planners advising on £10bn of assets delivering advice to around 19,000 clients throughout the UK.
It has £96bn of assets under management (AuM) as well as approximately two million individual pensions and savings customers with £139bn of AuM.
In February, Succession Wealth suffered a cyber-attack. It said it notified the appropriate authorities and introduced further security measures to protect clients’ assets.
