Law firm Gillespie Macandrew unfurls specialist mortgage, pension division

The Edinburgh-based law firm Gillespie Macandrew is launching a financial services division to boost its private client service.

The firm - which has 150 staff - has created Gillespie Macandrew Financial Services to broaden its offering into specialist mortgage advice and pensions.

The aim is to complement the private client department's estate planning, tax planning, trust management and investment capabilities.

The new division will be fronted by Keith Barron and Bob Wilson - both well known in the Scottish capital's financial services sector, having more than 30 years' experience between them.

Tom Murray, head of private client for Gillespie Macandrew, said: "This is a pivotal announcement and one that signifies our commitment to offering clients a full service proposition.

"It is a natural fit for the business, whichever way you look at it. We are already dealing with clients' investment portfolios and the ability to advise on pension transfers, for example, is the logical next step.

"This holistic approach allows us to help clients use their assets and tax allowances to their best abilities. It also matches our ambitions in the Edinburgh property market. Last year, we merged with Hunters, the residential estate agents, and now we are equipped to give independent mortgage advice.

"We firmly believe that the future of our industry lies in this one-stop-shop approach."

Gillespie Macandrew's investment management arm - which is led by Charles Fotheringham - has £120m in assets under management.

The company, which was named Law Firm of the Year at the Scottish Legal Awards, provides legal, property and financial advice to commercial, charity and private clients across Scotland. Turnover has grown from about £3m in 2003 to more than £9m currently.

Keith Thomson, director of investment services for Blackadders, said: "My understanding is that Gillespie Macandrew had a financial advisory arm in-house and it has set up a separate company. Many law firms have multi-disciplinary practices and this provides them with greater opportunity to get business from other law firms and accountants.

"The move gives Gillespie Macandrew some separation. Each financial adviser and law firm is different in the way it sees financial services developing in the future."