Verum Wealth Joins Foster Denovo in Strategic Acquisition

Macdonald Henderson has served as the advising firm for the sale of Glasgow-based Verum Wealth to UK national firm Foster Denovo, marking the latter's seventh acquisition within a span of just over a year. The transaction, completed on New Year's Day 2025, added £87 million in assets under advice to Foster Denovo's recently established Glasgow hub. Notably, this marks Macdonald Henderson's second advisory role for a client being acquired by Foster Denovo, having previously facilitated the sale of Rosemount Asset Management in August 2024. Verum Wealth, founded in 2015 by Tony McPhee, operated as a joint venture with an accountancy firm before its sale. The firm's client base primarily consists of owner-managed businesses, supported by team members Angela Britton, Samantha McIntosh, and Alison Kerr, who will join the new office in Glasgow's business district hub. McPhee, who regards the acquisition as a move to secure succession planning while retaining career progression opportunities for staff, praised the cultural fit and opportunities at Foster Denovo, and commended Macdonald Henderson for executing the transaction efficiently. Legal advice for the transaction was provided by Macdonald Henderson, Blake Morgan, and Shepherd + Wedderburn.