Investec Wealth & Investment has bought Edinburgh-based Murray Asset Management for an undisclosed sum.
Mam was originally an investment management department within Scottish law firm Murray Beith Murray and became its own separate entity in 2008 under the leadership of Ruthven Gemmell.
Since then, it has grown to 20 employees providing the bulk of its clients with discretionary portfolio management services.
It provides investment management and financial planning services to individuals, trusts and charities.
Mam chief executive Ruthven Gemmell said: “We are very pleased to have the opportunity to become part of the Investec Wealth & Investment business which is client-focused, highly regarded in the market, and has a similar investment approach.
"By joining forces with Investec, we believe our clients will benefit from enhanced services.
“This is the next logical step for the development of our business and we are looking forward to becoming part of the Investec team.”
As part of the deal, all the staff at Mam will move over to Investec.
Investec said the acquisition of Mam formed part of its ambitions to provide financial advice to clients across the country.
Barbara-Ann King, newly-appointed chief executive of Investec Wealth & Investment, said: “We have ambitious growth plans to build Investec Wealth & Investment into a business that is truly market-leading and delivers a best-in-class client experience.
"The acquisition of Murray Asset Management is an integral part of our strategy to enable us to deliver our financial advice services to more clients throughout the UK.”
sonia.rach@ft.com
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