Digital wealth manager Verso Wealth Management has acquired Glasgow-based Financial Planning firm Campbell Thomson for an undisclosed sum.

The deal takes Verso’s assets under management to over £1bn.

The acquisition is the fifth by Verso, and the first in Scotland.

Founded in 1978, Campbell Thomson is a Financial Planning firm with 13 advisers, planners, and support staff. Assets under advice for the firm were £315m at the end of the second quarter.

The Financial Planning firm’s former owners Stewart Thomson and Euan Bottomley will remain with the firm and will work with Verso’s executive team to expand Verso’s presence across Scotland.

Mr Thomson said: “We are delighted to be joining Andrew and the team at Verso as the Verso model overcomes many of the challenges and inefficiencies in our market. We will be able to relinquish our day-to-day regulatory and operational hurdles and focus on what we do best – providing our clients with the very best advice available. We view our partnership with Verso as a key part of our future growth strategy.”

Andrew Fay, chief executive at Verso, said financing from the firm’s private equity partners should allow them to announce more acquisitions soon.

He said: “With the support of our strategic partners, Cairngorm Capital Partners and their buy, build and transformation expertise, we are pursuing an ambitious consolidation plan, to build a market leading wealth management group with capabilities in financial advice and investment management, powered by the Verso platform. Campbell Thomson forms an important part of this.”

Verso has already made two acquisitions so far this year.

The digital wealth manager acquired high-net-worth specialist wealth manager CDC Wealth Management in March brining assets under advice of over £150m. 

In January the digital wealth manager acquired Chartered Financial Planning firm Pavis Financial Management, adding £280m of assets under advice. 

Verso Wealth Management is a 'digitally-driven' wealth manager group providing financial advice and investment management. Verso’s straight through processing engine facilitates Financial Planning, supports product selection and automates client servicing.