Foster Denovo has confirmed the acquisition of Glasgow-based financial advice firm, Rosemount Asset Management.

The move is Foster Denovo’s fourth acquisition in the last 12 months.

Rosemount Asset Management was established by Raymond Pirrie in 2010 and has a team consisting of three advisers and four support staff. It manages over £200m in assets for 571 households throughout Scotland.

Through the recent acquisition of Punter Southall Aspire earlier in the year, Foster Denovo secured a strong employee benefits consultancy presence in the Scottish capital. This latest deal marks its first acquisition of a private wealth business in Scotland.

Foster Denovo CEO, Roger Brosch, commented: “Since we first met Raymond, Jon and Graham it was clear there was a strong cultural and propositional fit and we believe this can become the regional hub to grow our presence further in the region.

“The integration of Rosemount will free up a considerable amount of time for the team to focus on what they do best, looking after and winning new clients. The propositional fit will enable a continued, and even enhanced, level of client experience to be achieved.”

Managing director of Rosemount Asset Management, Raymond Pirrie, added: “We want to grow and advance in the right way. Achieving this in the current market requires eye-watering amounts of ongoing investment in technology and in your people, as well as time away from client work running an advisory business. At times, it can feel like the day comprises of little else but regulatory ‘admin’.

“Having a trusted partner take care of that enables us to focus on what’s important – looking after our clients. The peace of mind that Foster Denovo provides, ensuring we are meeting all of our regulatory and governance requirements and having a robust and tested process for evidencing it, is truly priceless.”

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