SAM Wealth, a UK-based financial advisory firm, is reportedly seeking to double its business by acquiring an English competitor following the hire of a senior industry expert to its team.
Derek Stewart, managing partner of the firm, said the acquisition will target South of the Border and the firm intends to sign a deal within the next 12 months, reported The Scotsman.
The planned acquisition is also expected to double its funds under its management.
Recently, SAM has hired three additional support staff and also appointed new partner Alan Moore from McCrea Financial Services.
The new recruits will take the firm’s total headcount to 16. The firm has also recently received its chartered financial planner status.
Stewart said: "We’re now in a position to look at expanding our business beyond our traditional base in Scotland, and recent regulatory changes in the sector mean there are significant opportunities for highly-qualified, experienced independent finanacial advisor businesses.
"He’s exactly the type of innovative adviser we want to have at the firm and will play a key role in our growth in the coming months and years," he added.