Dunedin snapped up by Swiss firm Helvetia

Wealth manager Dunedin Independent has been bought by Zurich-based Helvetia Wealth in a deal that will see the Scots firm's chairman and majority shareholder step down.

Mark Emlick will leave Edinburgh-based Dunedin - Scotland's largest privately-owned independent financial adviser - while current managing director Yuill Irvine will continue to head up the operation.

The takeover deal is understood to be worth in the region of 4 million.

Ranked in the top 100 wealth management companies in the UK, Dunedin specialises in providing bespoke investment management to "high net worth individuals" and has more than 350m of funds under management. It has some 30 staff, who will stay with the business. Helvetia also has offices in Liechtenstein, Dublin, Geneva, Glasgow, Hamburg and London.

Irvine said: "The enlarged group features two prominent IFAs in Scotland, Dunedin Independent and City Gate Money Managers. In addition, Helvetia owns a controlling stake in London-based TAM Asset Management with a London Stock Exchange brokerage licence allowing us to execute our own trades faster at better margins."

He added: "The amalgamation will introduce a range of cost-attractive synergies for Helvetia and attractive efficiencies for all three firm's clients as well as offering our clients access to Swiss banking facilities."