Wealth management group Fairstone is expanding in Scotland with the acquisition of two firms and the opening of a hub office in the Aberdeen area.
The fast-growing company has bought independent financial advice firms City Gate Aberdeen and Albyn Associates.
The two firms have relocated to Fairstone’s new hub office in Westhill on the outskirts of Aberdeen, where they join the group’s existing operation.
Fairstone CEO, Steven Cooper, said: “This is a significant move for us in a strategically important area of the UK where we see great potential for further expansion.”
City Gate Aberdeen was founded September 2002 and provides clients with a wide range of financial planning, mortgage and protection services, managing more than £100m of assets.
Headed by chartered financial planner & fellow of the PFS Alan Johnston, City Gate Aberdeen first partnered with Fairstone in 2023 through the group’s unique Downstream Buy Out (DBO) programme.
Fairstone’s DBO model is designed to unlock the full potential of independent advisory firms by investing in their growth during a period of partnership, before fully acquiring the business.
City Gate Aberdeen’s partnership period has completed with the firm now becoming a full part of Fairstone.
Mr Johnston said: “We’re excited to become part of Fairstone and to have moved into the new hub office. This will give us improved technology infrastructure, enhanced meeting facilities and enable us to continue to offer our wider range of services to clients.
“Since we first partnered with Fairstone in September 2023 we’ve really benefited from having the additional support and backing that comes from a major national group. It has freed our team up to be able to spend more time with clients and to help further build the business.”
Albyn Associates was founded in 1998 and offers a wide range of financial planning and mortgage services, managing more than £80m of assets.
Headed by independent financial advisers Colin MacLennan and Charlie Thomson, Albyn Associates signed up to the DBO programme in December 2023.
Mr MacLennan explained: “We joined Fairstone to strengthen the support we can offer to clients. It’s enabled us to meet increasing regulatory, technology and governance requirements, while giving us access to colleagues who are specialists across all areas of financial planning.
“We’re really looking forward to working with our new colleagues and expanding the business across the region.”
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