Foster Denovo Expands into Scotland with Rosemount Acquisition
- Simon Bourke
- Sep 3, 2024
- 2 min read
3rd September 2024
Foster Denovo has made a significant move to establish its presence in Scotland by acquiring Rosemount Asset Management, a Glasgow-based financial advice firm. This acquisition marks Foster Denovo’s fourth in the past 12 months. It lays the groundwork for its first private wealth hub in Scotland, following the earlier acquisition of Punter Southall Aspire’s employee benefits consultancy in Edinburgh.
Rosemount Asset Management, founded by Raymond Pirrie in 2010, includes three advisers, Jon Sweeney and Graham Scott, and four support staff. It manages over £200m in assets for 571 households across Scotland. This acquisition reflects Foster Denovo’s strategic ambition to replicate the growth model of its highly successful Northeast hub, which increased its revenue from £1m to £5m within a year through acquisitions and recruitment.
Roger Brosch, CEO of Foster Denovo, stressed the strategic importance of this acquisition: “We are delighted to welcome the Rosemount team to the Group. From our first meeting with Raymond, Jon, and Graham, it was evident that there was a strong cultural and propositional fit. We see this as a cornerstone for building our private wealth presence in Scotland, allowing us to expand further in the region while enhancing the client experience.”
For Rosemount, partnering with Foster Denovo provides the necessary resources and infrastructure to scale effectively. Managing Director Raymond Pirrie expressed relief at being able to delegate regulatory compliance and administrative responsibilities: “Foster Denovo’s support frees us to focus on what matters most—our clients. Their innovative solutions, expanded financial planning options, and opportunities for our team are invaluable.”
This acquisition advances Foster Denovo’s footprint in Scotland and strengthens its reputation as a firm prioritising people and clients. Its recognition with the Investors in People (IIP) platinum accreditation stresses its commitment to excellence in employee development, ensuring a robust framework for growth.
The consolidation trend in the financial planning sector continues to reshape the market, providing firms like Rosemount access to larger networks, enhanced resources, and innovative solutions.
At Chapters Capital, we specialise in financial planning and wealth management M&A. Whether you are considering a sale, merger, or expansion, our tailored approach ensures you receive trusted support at every step. Contact one of our professional associates today for a confidential, no-obligation consultation.
