Wealth manager expands with Granite City deals

A national wealth management firm has strengthened its Scottish presence with a double deal.

Fairstone has bought City Gate Aberdeen and Albyn Associates.

The independent financial advice firms have joined Fairstone’s new hub office in Aberdeen’s Westhill area.

Bosses say the “significant move” will bolster operations in a place where the business sees “great potential for further expansion”.

Founded in 2002, City Gate Aberdeen provides financial planning, mortgage and protection services, and manages more than £100 million of assets. 

The business’ move into Fairstone comes after it joined the latter’s downstream buyout programme that allows owners to work with the company and grow operations while planning for a sale. 

Financial planning and mortgage services provider Albyn Associates, founded nearly 30 years ago, manages more than £80 million of assets and also previously joined Fairstone’s downstream buyout model.

Steven Cooper, chief executive at Sunderland-headquartered Fairstone, which has offices across the UK, said: “Aberdeen and northern Scotland have a strong tradition of entrepreneurial, internationally connected businesses that are increasingly shaped by the energy transition.

“We see this creating strong demand for the sophisticated financial planning, private wealth and intergenerational advice we specialise in providing.

“We’re looking forward to helping many more families and individuals in the region make confident decisions to shape their financial futures.”

The move comes just weeks after Fairstone opened a Cardiff hub it says has united more than 20 staff and advisers from three sites in South Wales and the Welsh Borders.

Operating from more than 50 bases across the UK, 1350-plus-staff Fairstone oversees more than £22 billion in assets under management on behalf of 65,000-plus wealth and 60,000 mortgage clients.

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