Evelyn Partners has signed a deal for the staff and clients of Glasgow-based wealth manager and Financial Planner PPM Wealth to join Evelyn.
The PPM Wealth team will transfer to Evelyn’s Glasgow office as part of a Scottish expansion strategy.
The financial arrangements of the deal have not been disclosed.
PPM Wealth, based in West George Street, Glasgow, has been in business since 1984 and is a boutique wealth manager providing clients with discretionary portfolio management and Financial Planning.
The move will see a total team of eight move from PPM Wealth to Evelyn Partners.
Evelyn says the acquisition is not a traditional takeover of the business but is part of Evelyn’s succession planning programme for owners of financial advice and investment management firms who are looking to retire over the next few years. In effect, Evelyn has hired the team at PPM Wealth, who will then invite their clients to become clients of Evelyn Partners.
The team includes chairman and co-founder of PPM Wealth, Alan Steven, who will assume a client relationship role, investment professionals Atif Latif and Ian Black, Financial Planner Doug Hall and four support staff.
Evelyn Partners, created by the merger of Tilney and Smith & Williamson in 2020, has long roots in Scotland with Smith & Williamson having been founded in Glasgow in 1881.
The firm now claims to be one of the largest wealth managers in Scotland, with offices in Aberdeen, Edinburgh and Glasgow.
Richard Dawes, head of Strategic Partnerships at Evelyn Partners, said: “The fit between PPM Wealth and Evelyn Partners is an excellent one, with both firms providing our clients with a joined-up combination of Financial Planning advice and professional investment management to help them achieve their financial goals.”
Alan Steven, co-founder and Chairman of PPM Wealth said: “We are excited to be joining Evelyn Partners, which we see as an excellent long-term home for our team and clients. It is an impressive and growing business, which is strongly committed to Glasgow, with a major presence in the city.
“Importantly, Evelyn Partners has similar values to those we have championed over the last four decades at PPM Wealth, with a strong focus on building long-term partnerships.”
