Wealth Management Acquisition Continues Scottish Expansion for Towergate

Christopher Owen

11 February 2008

Towergate Financial Services has acquired Albannach Financial Management, a Scottish independent financial advice firm, for an undisclosed sum. Albannach, which employs 42 people in Edinburgh and Glasgow, specialises in wealth management, financial planning and mortgage advice. Under the terms of the deal, Laurie Dempster, the current managing director, will retain in situ alongside his current management team. This deal follows the purchase by Towergate Partnership, its sister company, of Aberdeen insurance broker McAra Associates. Last April it also acquired JW Group as part of its expansion in Scotland. Mr Dempster said: "The market is consolidating and we've had several approaches over the years. Towergate was the right one as we can continue to grow the Albannach brand with its help." He said Towergate's future IFA acquisitions in Scotland will come under the Albannach brand. Patrick Snowball, chairman of Towergate Financial Services, said: "Over the next three months we will be announcing further moves."