Close Brothers Asset Management has acquired Edinburgh-based chartered financial planning firm Mackay Stewart and Brown for an undisclosed sum.
The transaction is still subject to Financial Conduct Authority approval, but Close Brothers’ chief executive Martin Andrew stated that it reinforces their commitment to build the leading integrated wealth management business in the UK.
Four years ago, Close Brothers acquired national IFA firm Cavanagh in a £26.2m deal.
Mr Andrew said: “Our priority remains the delivery of high quality financial advice and investment management, coupled with the highest level of client service.”
Andy Cumming, the wealth manager’s head of advice, added that Mackay Stewart and Brown are a “perfect fit”: client centric, chartered and professionally managed.
“We are keen to hire more high-calibre financial advisers as we aim to be the ‘go to firm’ for professional integrated wealth management.”
John Mackay, managing director of Mackay Stewart and Brown, added that the deal gives clients continuity of service, plus access to Close Brothers Asset Management’s range of specialist financial planning services and investment expertise.
peter.walker@ft.com
