Acquisitive Financial Planning and wealth management firm Foster Denovo has acquired Glasgow-based IFA Verum Wealth.

The deal for an undisclosed sum, is London-based Foster Denovo’s first of 2025 and adds £87m of assets to the business.

Foster Denovo says the acquisition is its seventh in just over 12 months and the clients and assets will be added to its recently-established Glasgow hub.

Verum Wealth was founded by Tony McPhee in 2015 and the business previously operated as a joint venture with an accountancy firm.

The client base is mainly owner-managed businesses and Mr McPhee is supported by colleagues Angela Britton, Samantha McIntosh and Alison Kerr.

The team will move to a new office in the city’s business district after Rosemount Asset Management came on board last summer.

In December Foster Denovo acquired Midlands-based Brian Mole Independent Financial Advisers, adding £300m in assets under advice and opening a 14th office in the UK. Burton-upon-Trent-based Brian Mole IFA employs seven advisers serving 1,300 clients.

During the past year, Foster Denovo has acquired Rosemount Asset Management in Glasgow to launch a hub in Scotland, and financial adviser 80Twenty Consultancy in Leicestershire. It has also acquired wealth managers Wade Financial in Newcastle and Creative Financial Solutions in Hampshire.

The firm also doubled the size of its employee benefits division with the acquisition of Punter Southall’s corporate advisory arm.

Mr McPhee becomes an employed partner on the deal completing. He said he chose Foster Denovo for the flexibility given him to plan his succession while securing career progression opportunities for his staff.

Mr McPhee, managing director of Verum Wealth, said: “I have spent more than a decade building the Verum business and my team have been with me every step of the way. 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. I took great comfort from the fact that Jon’s experience was further evidence Roger and his team really do walk the talk when it comes focusing on cultural fit.”

Roger Brosch, CEO of Foster Denovo, said: “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.”