Waverton Investment Management has acquired Scottish wealth planner Cornerstone Asset Management, taking on 1,000 clients, £500m in AUM and its staff of 22.
The deal, which is subject to regulatory approval, expands Waverton's regional footprint and will allow for an "augmented service proposition, integrating wealth planning and discretionary investment management for clients", the firm said.
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Established in July 2010 and with offices in Edinburgh and Glasgow, Cornerstone offers wealth management and financial planning advice.
Waverton CEO Nick Tucker said: "We have known Cornerstone for some time, having managed their Active Multi-Asset Portfolio range since 2012. They have built a highly-regarded growth business over the last decade and the broadened proposition is a demonstration of our shared belief that ‘if it works for clients, it works for us'.
"The acquisition is testament to our belief in goal-based wealth management and will provide a springboard for the development of our service offering for private clients, and entrepreneurs in particular."
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Founding partner of Cornerston Alan Reid added: "We are thrilled to be joining the Waverton Group, which has an excellent reputation and shares our culture and vision on how best to support clients and employees.
"They are a very forward thinking and ambitious organisation who share our core belief that successful outcomes for clients are our primary focus. This is an exciting development for our team and means we can continue to expand our growth plans even further."
