Close Brothers Asset Management has acquired Edinburgh-based chartered financial planning firm Mackay Stewart & Brown.
The deal, for an undisclosed sum, is the latest in sector consolidation as the industry has shifted towards fee-based planning and advice.
Close Brothers landed in the Scottish sector with its acquisition four years ago of Scott-Moncrieff Wealth Management led by Andy Cumming, which had offices in Glasgow and Edinburgh. In the same year it also acquired national IFA Cavanagh for £26million.
Mr Cumming, head of advice at Close Brothers Asset Management , said the deal would further strengthen its integrated wealth presence in Scotland. "We are keen to hire more high-calibre financial advisers as we aim to be the 'go to firm' for professional integrated wealth management."
In its latest financial results, Close Brothers reported continued steady growth in its asset management arm,, with a 5per cent increase in assets under management to £10.2 billion and improved profitability in the first half.
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