Foster Denovo has stepped up its role in the consolidation of the UK advice market, posting record results for 2024 as a series of acquisitions added £688m in assets under advice.
The group, which includes Foster Denovo advisers, corporate consultancy Secondsight, and investment arms Sequel Investments and FD Dynamic Portfolios, reported revenue up 47% to £42.9m.
EBITDA rose to £9.4m from £6m in 2023, marking an eighth consecutive year of growth despite inflationary pressures and geopolitical uncertainty weighing on markets.
Growth was driven in part by five acquisitions completed in 2024, including the group’s largest to date, the purchase of Punter Southall’s employee benefits business, which expanded its corporate client base to around 1,500.
It also completed a practice buy-out and acquired Rosemount Asset Management in Glasgow, 80 Twenty Consultancy in Lockington, and Brian Mole IFA in Burton on Trent.
The acquisition drive has continued into 2025, with Glasgow-based Verum and three further practice buy-outs completing in the first quarter.
Assets under management in the group’s Dynamic Portfolios passed £1bn for the first time, finishing 2024 at £1.01bn, up 36 per cent year on year.
Overall, AUM across the group reached £1.7bn. State Street, which already managed two of the funds, was awarded mandates to oversee two more in October 2024.
Chief executive Roger Brosch said: “This is an exceptional set of results with continued year-on-year growth across all key measures.
“In 2024 we completed a further five acquisitions, welcoming more than 120 colleagues to the group and further strengthening our capability and reach.
“The pipeline for further deals remains strong and we continue to invest in harnessing the benefits that AI can deliver to our colleagues and clients.”
