Bellpenny, the national wealth manager has completed the acquisition of the Glasgow-based IFA Reid, Scott & Ross.

The deal involves more than 1,000 active clients and £108m of funds under management.

Reid Scott & Ross has ceased trading under its original name and has already integrated with Bellpenny.
Bellpenny's chief executive Kevin Ronaldson said: "RSR is the third Glasgow-based IFA business we have acquired, following K M Financial Advisers and MGW in the second half of 2013, so we're building a formidable presence in the City and surrounding area.
"Our priority now will be ensure an outstanding experience for RSR clients moving across to Bellpenny."

{desktop}{/desktop}{mobile}{/mobile}

On 5 August Bellpenny also announced an agreement to acquire Torquil Clark Holdings from Skipton Building Society in a deal which will take its funds under management to over £2.5 billion. Completion is conditional upon regulatory approval.

Tony Ross and Paul Angell, co-owners of Reid, Scott & Ross said in a joint statement: "Bellpenny have taken full advantage of the opportunity to build a post-RDR business from first principles, with the client right at its heart.
"And from an IFA owner's perspective, the whole process of selling the business, from initial contact through to signing on the dotted line, is a well-oiled machine."
Bellpenny is backed by global investment management firm Oaktree.
Bellpenny reached £1 billion in funds under management in October 2013, just a year after opening for business.