Tweed Wealth Management has bought the wealth management arm of Macleod & MacCallum, an Inverness-headquartered law firm.
The Edinburgh-based advice firm, which is an appointed representative of St James's Place, said the legal firm’s directors will take on a minority stake in Tweed Wealth Management as part of the deal.
The value of which was not disclosed.
The deal will also see Tweed Wealth Management offer their advice to Macleod & MacCallum’s clients on financial solutions, and additional administrative and back-office support will be provided by the Tweed team based in Edinburgh.
Total assets under management across Tweed Wealth Management now exceeds £435mn.
Co-founder and managing director, Alison Welsh, said the deal was “a big step forward for the business”.
She continued: “It takes us to six client-facing advisers working from Inverness alone - but through our growth plans we believe we can get that up to at least 14 within the next three years.”
Macleod & MacCallum was founded over 50 years ago. Welsh said the market in Inverness is “incredibly entrepreneurial” and has a buoyant economy.
“We believe there is still a lot of untapped potential,” she said.
Two years ago, it bought John Home Wealth Management, also based in Inverness. That deal saw 30 employees - half the acquired firm’s staff - move to the city.
Macleod & MacCallum’s wealth arm is Tweed Wealth Management’s fifth acquisition in recent years. Others include John Home Wealth Management, Melville Wealth Management, Stevenson-Hamilton Wealth Management and Jamieson Wealth Management.
Fellow co-founder and chief executive, Chris Tweed, said his firm was one of the only chartered firms working in Inverness.
“The potential to expand is truly exciting and I look forward to forming a formidable partnership with the wider Macleod & MacCallum team,” he said.
Tweed and Welsh, who are husband and wife, set up their advice firm back in 2014.
To grow, the couple have also been targeting former Rugby professionals as part of its recruitment strategy to train them as financial planners.
Back in April, the firm had onboarded at least three ex-professional rugby players to its team.
ruby.hinchliffe@ft.com
