AAB Wealth is the chartered financial planning division of the fast growing AAB group. This deal expands their assets under advice (AuA) to £1.8bn, an increase of £650m, and also gives the group its first foothold in the southeast of England.

This is AAB’s first wealth acquisition in the capital and the move signals a strategic focus on expanding their footprint and growing the team in London and the southeast. The acquisition brings the total headcount of AAB to over 1,000. The wealth arm has a total of 62 staff.

Magus Wealth is headquartered near Gatwick in Sussex and also has an office on Cheapside in the City of London. The firm was set up in 1998 and has 37 staff including four directors, founder and chairman Michael Aitken, CEO Dante Peters, operations director Amanda Mayes, and compliance director Angela Winton.