Saltus acquires Fish Financial to expand financial planning capability
2 September 2021
We are delighted to announce that Saltus has acquired Fish Financial as part of its long-term growth strategy identifying established owner-managed firms that share its client-centric approach to wealth and investment management.
Established as an investment management business in 2004 before launching Saltus Financial Planning in 2015, the Saltus Group employs more than 90 people and manages more than £2 billion in assets.
Farnham-based Fish Financial was established in 2007 by Ian Colley to provide financial planning and wealth management advice to high-net-worth individuals and business owners. The firm has grown significantly over the past five years and now manages £300 million of client assets and employs 16 people.
The opportunity to become a part of the Saltus Group presented itself when Fish investigated how it could enhance its clients’ experience and better differentiate service propositions through investment in technology and also benefit from greater asset class diversification offered by Saltus.
“It was clear from the outset that this was a meeting of minds. We were introduced independently by two separate parties who recognised that we were a few years ahead on the journey Fish wished to embark upon from a technology and proposition perspective.”
Jon Macintosh, Managing Partner at Saltus said: “It was clear from the outset that this was a meeting of minds. We were introduced independently by two separate parties who recognised that we were a few years ahead on the journey Fish wished to embark upon from a technology and proposition perspective. During the process of getting to know Ian and the team, we have found the business to be one of the most professional and well organised advice businesses we have come across.
“Long-established firms like Fish have delivered for clients over many years, and often reach a point when they are looking to take their business to the next stage. Saltus has invested heavily over the years in making both the client and employee experience better – and it’s our job to make sure that Fish clients and staff can both take full advantage. This is what I hope will make Saltus a great match. Our client relationships lie at the very core of what we do, and we make sure we truly understand what clients want to achieve. I’m hugely excited about what the enhanced Saltus business can deliver in the coming years with Fish as a key part of that.”
“It quickly became clear that the core values of the two businesses were completely aligned and given that we retain a strong desire to continue to grow, it was obvious that an alliance of some sort would deliver us the outcomes we were looking for.”
Ian Colley, Managing Director at Fish Financial said: “We were looking at two key ways we could enhance client experience – better platform technology and improved risk management capabilities – and we were introduced to Saltus, as they had gone down the same route a few years previously. It quickly became clear that the core values of the two businesses were completely aligned and given that we retain a strong desire to continue to grow, it was obvious that an alliance of some sort would deliver us the outcomes we were looking for. We’re thrilled at the prospect of a joint future as part of the Saltus family and I would like to thank my fellow director, Mark Turnbull for his strong support and our Chairman, Stephen McMillan for his wisdom and stewardship.”
Stephen McMillan, Chairman of Fish Financial, added: “I cannot recall a better match of two businesses in terms of both culture and proposition. The business Ian [Colley] and Mark [Turnbull] have built over recent years is one of the best at what it does anywhere in the country and adding that into the wider Saltus offering is hugely exciting for everyone involved. This next step will significantly enhance what we can deliver for our clients in the years ahead.”
The Fish Financial deal for Saltus follows the acquisitions of Lorica in 2020 and Consilia in March 2021 as it looks to become an ‘acquirer of choice’ for owner-managed firms that want to sell but are concerned about potential damage to the relationships they’ve built with clients and colleagues.
The acquisition will see all Fish Financial staff move over to Saltus, while Ian Colley, Mark Turnbull, and Stephen McMillan will become partners in the Saltus Group. Fish Financials’ Farnham offices will be retained, with all clients continuing to be served by their Fish adviser and team, supported by the wider Saltus team.