Thorntons Investments (Thorntons) has acquired Matheson Financial Consulting and Sonas Wealth Management, with the firm aiming to develop its growth plans and increase the size of its business.

The two acquisitions add around £175 million AUM to the £420 million Thorntons already manages on behalf of clients.

Aberdeen-based Matheson Financial Consulting was founded by Rory Matheson in 2003 and is an IFA with £130 million AUM, providing whole of market financial advice to clients., Sonas Wealth Management was launched in 2017 Chris Forde, and provides practical financial planning services to people, families and businesses in Dundee, Angus and the surrounding areas. It currently has £45 million AUM.

As part of the agreement, both firms will retain their existing model and leadership before being amalgamated into the Thorntons brand in due course. Meanwhile, back-office systems and support functions will be fully integrated, enabling them to further develop the service proposition for their clients.

First established in 1995 as part of Thorntons Law LLP, Thorntons became a company in its own right in 2014, and now has over 30 staff working in offices across Dundee and Edinburgh. It will continue to look at new opportunities to make further acquisitions while remaining focused on retaining its head office in Dundee.

Thorntons aims to combine high-quality financial planning with a considered approach to investment, offering discretionary management services along with a range of risk targeted model portfolios and an AIM Inheritance Tax Portfolio Service.

Thorntons’ chief executive officer, Stephen Webster said: “These deals are an important milestone for us. After many successful years, we were keen to start seeking out promising partners who could help us expand our footprint and continue strengthening our financial planning proposition.”

Mr Webster added: “Both Matheson Financial Consulting and Sonas Wealth Management are hungry for growth and embody our commitment to progressive yet personal client service, so we are hugely excited about these deals and have no doubt they are the perfect fit for all of our strategic goals.”