THE financial planning and advice business of listed Scots heavyweight Standard Life Aberdeen has sealed its biggest acquisition to date.

Edinburgh-based 1825 has added more than 100 employees, including 34 financial planners, to its headcount following the deal to acquire the wealth advisory business of Grant Thornton. It did not reveal the terms of the deal but hailed the transaction as a significant move in its quest to become one of the leading financial planning and advice firms in the UK.

The acquisition is the eighth to be completed by 1825 since it was set up four years ago and also its biggest, with the deal lifting its assets under administration by more than 40% to £5.8 billion.

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And 1825 said the deal will not be its last, although a spokeswoman emphasised that its primary focus will be on the integration of the Grant Thornton operation.

Julie Scott, chief executive of 1825, said: “Today’s announcement significantly accelerates 1825’s growth plans and gives us a broader UK-wide presence.

“Demand for high quality financial planning and advice continues to grow and with over 110 financial planners we will be well-placed to help more people access advice.

“I was delighted when Grant Thornton approached us with the idea. We are very much aligned with our shared desire to offer the best quality advice to our clients.

“We are excited about the future and look forward to welcoming the team to 1825.”

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The expansion of 1825 will be welcomed by bosses of parent company Standard Life Aberdeen (SLI), whose dominant fund management operation has been dogged by outflows since its formation by the mega merger of Standard Life and Aberdeen Asset Management in 2017.

In March SLI recorded net outflows of £40.9 billion for 2018, compared with £32.9bn the year before, amid a turbulent year for the global fund management sector. It warned the that the backdrop of macroeconomic and political uncertainty was continuing to affect investor sentiment this year.

The investment giant’s 1825 business kicked off its acquisition spree with Pearson Jones in the north east of England in May 2015. That was followed by three deals in 2016, when the Munro Partnership in Scotland, Baigrie Davies in London and Jones Sheridan in the north west of England were all snapped up.

Fraser Heath in the south west of England and Cumberland Place in London then came on board last year, before the acquisition in March of the wealth management business of BDO Northern Ireland, which had assets under advice around £230 million.

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The Grant Thornton operation, which has increased the overall headcount at 1825 to more than 500 employees, is led by Neil Messenger. His team provides advice on all aspects of financial planning, including family and business finance, with the business backed by two client support centres in Belfast and Sheffield. A decision has yet to be made by 1825 on the future of those offices.

Dave Dunckley, chief executive of Grant Thornton, said: “As we increase our focus on our strategy to provide high quality audit, tax and advisory services to our core markets, it is clear the wealth advisory team’s growth potential would be best delivered by a business focused solely on the financial advice market.

“The team’s clients will undoubtedly be better served through 1825’s approach and proposition, with the businesses sharing a natural alignment in values and goals, so it makes practical sense for the team to be in an environment in which it can flourish.

“We wish Neil and the team continued success into the future.”