Edinburgh-based financial advisory firm Tweed Wealth Management has bought Inverness advice company Macleod & MacCallum Wealth Management for an undisclosed sum.
The deal will see the directors of Macleod & MacCallum WM take a minority stake in Tweed and follows the acquisition of Inverness firm John Home Wealth Management two years ago.
Total assets under management across the entire business now exceeds £435m ($528.2m, €506.2m).
Both businesses are St James’s Place (SJP) partner firms. Macleod & MacCallum Wealth Management is the advice arm of law firm Macleod & MacCallum.
Clients of Macleod & MacCallum Wealth Management will continue to be served by the Inverness team, with additional administrative and back-office support provided by the Tweed team based in Edinburgh, the company said.
Growth in Inverness
Alison Welsh, co-founder and managing director of Tweed Wealth Management, said: “This deal is a big step forward for the business. It takes us to six client-facing advisers working from Inverness alone – but through our growth plans believe we can get that up to at least 14 within the next three years.
“Macleod & MacCallum is a prized brand in this part of the world and over more than 50 years has served as trusted partner to thousands of families in the Highlands and Islands.
“We are excited to grow its wealth management arm and believe that its clients new and old, irrespective of financial background, will benefit from using the service. The market in this region is incredibly entrepreneurial and has a buoyant economy so we believe there is still a lot of untapped potential.”
This is Tweed Wealth Management’s fifth acquisition, following the acquisitions of John Home Wealth Management, Melville Wealth Management, Stevenson-Hamilton Wealth Management and Jamieson Wealth Management.