A financial advisory firm has acquired the wealth management arm of the biggest legal firms in the Highlands.
The merger has made Macleod & MacCallum Wealth Management part of Tweed Wealth Management, with the legal practice's directors taking on a minority stake in the Edinburgh-headquartered wealth manager.
The move comes two years on from the acquisition of Inverness’ John Home Wealth Management, with half of the 30-strong business’s client-facing team now working from the city. Its total assets under management across the entire business now exceeds £435m.
Alison Welsh, co-founder and managing director with 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.”
Peter Mason, joint managing director with Macleod and MacCallum, commented: “One of the attractive aspects of the Tweed team is that they shared our vision, and it was really important for us to have a partner with the reputation and track record of Tweed, and that we know will offer them a service second to none.
“Tweed Wealth Management’s expertise will offer our clients financial solutions that will be able to help our clients at any stage of their lives - it’s a young, dynamic and client focussed team, and so it was a natural stepping stone to help grow our services.”
This is Tweed’s fifth acquisition in recent years, following on from its deals to secure John Home Wealth Management, Melville Wealth Management, Stevenson-Hamilton Wealth Management and Jamieson Wealth Management.
Co-founder and chief executive Chris Tweed, who set up the practice with wife Alison in 2014, said: “The potential to expand is truly exciting and I look forward to forming a formidable partnership with the wider Macleod & MacCallum team.”
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 in Edinburgh.
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