News In Focus
Morton Fraser in private client deals with Addleshaw Goddard
Morton Fraser has concluded two unconnected but strategically consistent deals involving Addleshaw Goddard, focused on the two firms' private client practices.
Addleshaw Goddard's 10-strong Scottish private client team will transfer to Morton Fraser as the latter concentrates its private client offering on tax and succession planning.
The Addleshaw Goddard team is led by Gregor Mitchell, who will join Morton Fraser as a partner alongside Euan Fleming and a team of eight consultants, solicitors, paralegals and executive assistants.
Separately, the firm has agreed terms to take a minority stake in Coulters, the specialist residential property firm in which Addleshaw Goddard is majority shareholder, and in doing so transfer its eight-strong residential property team to the Edinburgh estate agency. Morton Fraser will no longer directly provide estate agency work. However, its private client team will remain over 60 strong.
Chief executive Chris Harte commented: "Being an independent firm means we have the freedom to determine what investments will best serve our clients and our people. These opportunities mean we will bring in yet more fantastic talent to our private client team while at the same time allowing our residential property team a great opportunity to be part of a leading estate agency brand.
"The estate agency sector is increasingly competitive and requires a single-minded commitment to a consumer brand, something Coulters is already delivering with aplomb. Our minority stake in Coulters means we will still have the ability to offer first class estate agency services to our clients. However, it also means our talented team will be given the opportunity to contribute to a growing business in a way we could not realistically have offered."
Malcolm McPherson, senior partner – Scotland for Addleshaw Goddard, said: "The team leave with our thanks and best wishes, as they join a firm which is a better fit for their experience, expertise and client portfolio, while AG's core market-leading Private Capital team, based in Leeds and Manchester, continues to be a key part of our business focusing on ultra- and high net worth individuals, corporate entities, family offices, trust companies and charities. We will be communicating directly with clients over the next few weeks on the details of the transfer."
Ben Di Rollo, head of Business Development & Marketing at Coulters added: "The combination of the Coulters’ brand and success story with the great team from Morton Fraser will undoubtedly have a positive impact on a sector which is traditional in nature. Clients are demanding more in terms of service and innovation and the newly expanded team will be perfectly positioned to meet that need."