Cairngorm Capital has confirmed that its portfolio company, Verso Wealth Management, has acquired CDC Wealth Management.
The addition of CDC to the Verso group adds scale to the Verso network and creates a hub in the North East as the firm builds its national footprint.
Founded in 2006, CDC is a wealth management company serving private individuals, families, trusts, and companies across the UK. With an office in Sunderland, CDC combines financial advice and planning with discretionary investment management to provide wealth management services.
CDC has a team of 10 advisers, investment professionals and support staff, and the firm provides advice on assets exceeding £150m, as of the end of the fourth quarter last year. The group’s four principal directors – Phil Cain, John Dixon, Andrew Mann and Sue Butterworth – will remain in the firm, working with Verso’s executive team.
Verso chief executive, Andrew Fay, commented: “I am delighted to welcome all at CDC to the group. It is an exciting time to join Verso as our plans begin to gather pace. With the support of our strategic partners, Cairngorm, and their buy, build and transformation expertise, we are pursuing an ambitious IFA consolidation plan and accelerated growth strategy, to build a market leading, national wealth management group. CDC forms an important part of this.”
Furthermore, CDC director, Andrew Mann, will continue to lead CDC’s investment proposition working, alongside Verso’s discretionary investment management team and will assist with integration across the group.
Mann said: “We are delighted to be joining Andrew and the team at Verso. It is the natural evolution for our firm – we gain additional resources and enhanced technology. Pairing our expertise with Verso’s automated advice capability and straight-through-processing engine, we will be able to serve our existing clients better and importantly, broaden the types of clients we are able to serve.”
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