Foster Denovo has acquired Verum Wealth, marking the firm’s seventh acquisition in just over a year and adding £87m of assets under advice to its recently established Glasgow hub.
Verum Wealth’s founder Tony McPhee becomes an employed partner following the deal. He founded the company in 2015 and the business previously operated as a joint venture with an accountancy firm.
The client base is mainly owner-managed businesses and McPhee is supported by Angela Britton, Samantha McIntosh and Alison Kerr. The team will join the new office in the city’s business district hub after Rosemount Asset Management came on board last summer.
Foster Denovo has been expanding its national footprint with purchases such as Brian Mole and 80Twenty in the Midlands last autumn after the Rosemount deal. The company grew significantly last year with the purchase of Punter Southall’s corporate advisory arm as well as wealth manager Wade Financial in Newcastle and Creative Financial Solutions in Hampshire, establishing 14 offices across the UK.
Verum Wealth managing director Tony McPhee says: “I have spent more than a decade building the Verum business and my team have been with me every step of the way. It is important to me that the acquiring firm is not only the right home for my clients but also offers clear development opportunities for my colleagues.
“Jon Sweeney of Rosemount worked with me on the Verum investment process for many years and I have been very fortunate to be able to hear, at first-hand, from Jon about the culture and quality of the Foster Denovo advisory business. I took great comfort from the fact that Jon’s experience was further evidence Roger and his team really do walk the talk when it comes focusing on cultural fit.”
Foster Denovo CEO Roger Brosch says: “Tony, Angela, Samantha, and Alison epitomise what it is to be a genuinely client-focused business with ambition – the cultural fit with Foster Denovo really couldn’t be any stronger. We’re delighted they’re on board and excited for what the future holds with this first addition to our Glasgow hub.”