The transaction is expected to complete in Q1 2018, subject to regulatory approval. The potential financial terms of the deal were not disclosed.

1825, Standard Life’s wholly owned financial planning business, has entered into an agreement to acquire Bristol-based Fraser Heath Financial Management, with assets under advice of £352 million ($463 million).

This agreement will create 1825’s Southwest regional office, which will have 23 employees including seven planners and five paraplanners, 1825 said in a statement.

On completion of this acquisition, 1825 will have over 70 financial planners advising around 8,500 clients on around £3.7 billion in assets.

Having worked together for over 20 years, Fraser Heath’s leadership team of Jim Collier, Alan Loomes and Mark Fletcher will continue running the business on a day-to-day basis after the acquisition has been completed. Collier will also become managing director for the Southwest regional office and will join the 1825 executive committee.

The transaction is expected to complete in the first quarter of 2018, subject to regulatory approval. The financial terms of the deal were not disclosed.

“Fraser Heath is a great addition to our business and we welcome them to 1825,” said Julie Scott, 1825 chief executive. “Establishing a regional office in the south west extends our financial planning footprint even further across the UK.”

Scott added: “It’s just over two years since we launched 1825 in response to the growing demand for financial advice and there are many more exciting opportunities out there as we continue to create a financial planning business of significant scale. We remain focused on growing 1825 and helping our clients plan to live the life they choose.”

Formed 15 years ago, Fraser Heath offers services in wealth management, retirement planning and workplace pensions.