Foster Denovo has announced the acquisition of Verum Wealth as the financial adviser group expands its presence in Scotland.

The latest addition is Foster Denovo’s seventh acquisition in just over a year and will add £87m of assets under advice to its recently established Glasgow hub.

Verum was founded by Tony McPhee in 2015 and previously operated as a joint venture with an accountancy firm. The client base is mainly owner managed businesses and McPhee, who became an employed partner on the deal completing, is supported by Angela Britton, Samantha McIntosh and Alison Kerr.

The team will join the new office in Glasgow’s business district hub after Rosemount Asset Management joined last summer.

“I have spent more than a decade building the Verum business and my team have been with me every step of the way,” McPhee said.

“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.”

The latest transaction is part of a wider move by Foster Denovo to expand its national footprint, after the group bought Brian Mole and 80Twenty in the Midlands last autumn, after the Rosemount deal.

Earlier in 2024, the group doubled the size of its employee benefits division with Punter Southall’s corporate advisory arm and acquired wealth managers Wade Financial in Newcastle and Creative Financial Solutions in Hampshire, to establish 14 offices across the UK.

Foster Denovo CEO, Roger Brosch, added: “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.”

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