AN EDINBURGH-based wealth manager has been snapped up in a deal worth up to £39 million.

The independent Cornelian Asset Managers, which had £1.4 billion of funds under management, has been acquired by Brooks Macdonald. The deal increases to £14.7bn the funds under management at Brooks, which expects to achieve annual cost savings of around £3.75m by the end of the first financial year following the deal’s completion. Brooks’ chief executive Caroline Connellan said the acquisition “brings additional multi-asset capability and distribution strength into the group.”