The investment arm of Scottish law firm Gilson Gray has acquired Glasgow-based advice company Westbourne Wealth Management for an undisclosed sum.
As part of the deal, Westbourne Wealth Management former owner Richard Smith joins Gilson Gray Financial Management (GGFM) as a financial adviser.
Within GGFM, he will be responsible for advising clients, who have joined the company as a result of the acquisition, as well as existing GGFM clients.
Westbourne Wealth Management clients will now gain access to the range of services available through the law firm.
GGFM offers financial advice to private and corporate clients across the UK and is a senior partner practice of St James’s Place (SJP). Westbourne also operates under the SJP umbrella.
Steve Herkes, managing director of GGFM, said: “Under Richard Smith’s stewardship, Westbourne has seen rapid growth since its formation in 2019, successfully building a strong client bank, all of whom who have benefited from his expertise and insight in terms of increasing and/or protecting their investments.
“But most importantly, Richard – and his commitment to outstanding customer service – is a great fit with the existing Gilson Gray Financial Management team because we each focus on the importance of delivering the best outcomes for clients.
“Our ambition is to become one of the largest investment businesses in Scotland and we expect to announce further acquisitions later this year.”
This is the third M&A deal between SJP partner firms reported by International Adviser in 2021.
In April, Future Wealth Management merged with Total Financial Wealth Management, while a week earlier, Nick Jones Wealth Planning joined forces with east Midlands-based Throgmorton Associates Wealth Management.