AAB Wealth buys financial planning firm in London

AAB Wealth has made a significant acquisition by purchasing Magus Wealth, a financial planning firm based in London. This deal has resulted in a substantial increase in the firm’s assets under advice, now totaling £1.8bn with a boost of £650m. Notably, this acquisition marks AAB Group’s first foray into wealth acquisitions in the capital, indicating a deliberate strategy to expand their presence and team in London and the southeast region of England. With this acquisition, AAB’s total headcount has surpassed 1,000 employees.

Established in 1998, Magus Wealth is headquartered near Gatwick and has an office in the City of London. Founder and chair, Michael Aitken, expressed his enthusiasm about the merger with AAB Wealth, highlighting the alignment of values and vision shared by both firms in providing top-quality, client-centered financial planning services. Andrew Dines, the head of AAB Wealth, emphasized the significance of merging two esteemed firms, which has doubled the team’s size and allowed them to extend their services into the lucrative London market. This expansion aligns with AAB Wealth’s commitment to delivering exceptional financial planning services nationwide.

This transaction marks the fourth acquisition by AAB Wealth in the past two years, showcasing their rapid growth and expansion. Part of the AAB group, AAB Wealth has experienced substantial growth since securing investment from August Equity in 2021, tripling in size and solidifying its position in the financial planning industry. The successful acquisition of Magus Wealth underscores AAB Wealth’s strategic approach to growth and market expansion, positioning them as a key player in the financial services sector.

As AAB Wealth continues to strengthen its presence and enhance its offerings, this latest acquisition reflects their dedication to providing top-tier financial planning services across the UK. The integration of Magus Wealth into the AAB Wealth portfolio not only expands their reach but also reinforces their commitment to excellence and client satisfaction. With a clear focus on growth and expansion, AAB Wealth is poised to capitalize on the opportunities present in the dynamic and competitive financial services landscape.

In conclusion, the acquisition of Magus Wealth by AAB Wealth marks a pivotal moment for both firms, signaling a strategic shift towards expansion and growth. By uniting two reputable companies and venturing into the London market, AAB Wealth is setting the stage for continued success and industry leadership. The acquisition not only increases their assets under advice but also amplifies their capabilities and strengthens their position as a prominent player in the financial planning industry.