UK wealth manager Bellpenny has completed the acquisition of Glasgow-based IFA Reid, Scott & Ross, bringing the total number of acquisitions completed by Bellpenny to date to 22.

UK wealth manager Bellpenny has completed the acquisition of Glasgow-based IFA Reid, Scott & Ross, bringing the total number of acquisitions completed by Bellpenny to date to 22.

The deal will increase Bellpenny’s assets by £108 million ($179.6 million) as well as adding over 100 clients, Bellpenny said in a statement.

“RSR is the third Glasgow-based IFA business we have acquired, following K M Financial Advisers and MGW in the second half of 2013, so we’re building a formidable presence in the City and surrounding area. Our priority now will be to ensure an outstanding experience for RSR clients moving across to Bellpenny,” said Bellpenny’s chief executive Kevin Ronaldson.

Last month Bellpenny signed an agreement to acquire Torquil Clark Holdings Limited from Skipton Building Society in a deal which will take its funds under management to over £2.5 billion.

The deal incorporates Torquil Clark’s wealth management and employee benefits businesses. It also includes Torquil Clark’s execution-only business, TQ Invest, which accounts for more than £500 million of the funds under management.

The purchase of Torquil Clark Holdings follows the acquisitions earlier this year of Colchester-based Hansen Lloyd Asset Management and Surrey-based IFA MDM Associates.

Since the introduction of the Retail Distribution Review programme of regulation changes last year, many small firms have struggled with the transition, resulting in an increasing number of businesses looking to sell or consolidate with bigger players. A number of firms, such as Syndicate Asset Management, Focus Financial and Sanlam, to name just a few, have bought up IFA businesses.