Waverton Investment Management has acquired Scottish wealth planner Cornerstone Asset Management.
Cornerstone, which was established in 2010 and has offices in Edinburgh and Glasgow, currently advises on £500m of assets under management and has a team of 22, which will move over to Waverton.
In March this year, the discretionary fund management firm Waverton said it was keen to "augment" its advice offering as it seeks to acquire firms to grow its geographical footprint.
Waverton operates 10 of its own funds, including global and European equity mandates, but also has a private client and charities investment management business.
Nick Tucker, Waverton's chief executive, said at the time advice was something companies "have got to be able to offer".
Talking about the acquisition of Cornerstone, Tucker said: “We have known Cornerstone for some time, having managed their Active Multi-Asset Portfolio range since 2012.
“They have built a highly-regarded growth business over the last decade and the broadened proposition is a demonstration of our shared belief that ‘if it works for clients, it works for us’.
“The acquisition is testament to our belief in goal-based wealth management and will provide a springboard for the development of our service offering for private clients, and entrepreneurs in particular.”
Alan Reid, founding partner of Cornerstone Asset Management, added: “[Waverton] are a very forward thinking and ambitious organisation who share our core belief that successful outcomes for clients are our primary focus.
"This is an exciting development for our team and means we can continue to expand our growth plans even further.”
In December 2019, Waverton acquired London-based advice firm Timothy James and Partners.
When purchased, Timothy James and Partners, which is based on the Tottenham Court Road in London, had assets under management of £1.1bn, with 5,000 clients.
Ruth Gillbe is a freelance reporter for FTAdviser