Ascot Lloyd

Aberdeen has reportedly been searching for a buyer since the start of the year and last week confirmed it had struck a deal to sell the business for an undisclosed sum.

Dyer Baade & Company acted as financial adviser to Aberdeen, while Pinsent Masons provided legal advice.

Jason Windsor, Aberdeen Group CEO, said: “Today marks another step forward in our efforts to simplify our business so that we can focus on our ambition to become the UK’s leading wealth and investments group. 

“We have three core businesses – interactive investor, Adviser and Investments – all with clear plans for growth, and these actions are part of our drive to improve performance and execute on our plan.”

Aberdeen Financial Planning is part of the Aberdeen Group’s interactive investor (ii) business.

Richard Wilson, ii CEO, said: “Aberdeen Financial Planning has a great team who deliver an excellent service to our financial advice customers.

“While we ultimately concluded that the face-to-face holistic financial advice model is not the best fit with the ii digital platform, we are confident it is well placed to thrive under Ascot Lloyd’s ownership, with a positive cultural fit and a track record of client service through a national organisation of 150 advisers.”

Aberdeen says it will continue to partner with Ascot Lloyd through the provision of its Wrap platform from its Adviser business as well as potential investment solutions.

Francis Jackson, CEO of Ascot Lloyd, said: “The acquisition of Aberdeen Financial Planning marks a major milestone on the Ascot Lloyd journey.

“The leadership team and advisers we encountered are highly experienced, skilled professionals who will integrate well into the culture at Ascot Lloyd.

“At the heart of the business we found a team who are committed and focused on the delivery of excellent financial planning and advice and believe the business to be a great fit for Ascot Lloyd, supporting our ambitious growth plans in the market.”