STANDARD Life Aberdeen’s financial planning and advice arm, 1825, has announced it is to acquire the wealth management business of BDO Northern Ireland, which has assets under advice of around £230 million.

It is 1825’s seventh acquisition since it was launched by four years ago, including Fraser Heath and Cumberland Place last year.

BDO Northern Ireland’s wealth management team, set up 25 years ago, specialises in wealth planning and support including corporate and personal and trust advice.

On completion, the business will be known as 1825 Northern Ireland, with its office remaining in Belfast city centre.

It will form part of 1825 North West region, headed up by Mike Cullinane.

This is 1825’s first acquisition in Northern Ireland, with 12 employees, including four financial planners, joining the team.

Nigel Harra, senior partner at BDO Northern Ireland, said the move “is a tremendous boost of confidence in the Northern Ireland market and in our wealth management team”.

He said: “We are thrilled to be working with 1825 as they also share our focus on putting the client first and providing them with a dedicated, bespoke service.”

“This investment and 1825’s shared client-focused approach, along with the ongoing local leadership of Carol Malcolmson, provides the team with the opportunity for further growth and development, and as a spring-board for continuing success.”

Mike Cullinane, regional managing director, 1825, North West, said: “We have many shared values on the importance of good financial advice and doing the best for our clients.”