The acquisition will see the transfer of 20 staff at Murray Asset Management to Investec. The team has a collective 100 years of experience within financial services.
Ruthven Gemmell, chief executive of Murray Asset Management, which was spun-out of law firm Murray Beith Murray in 2008, said: “We are very pleased to have the opportunity to become part of the Investec Wealth & Investment business which is similarly client-focused, highly regarded in the market, and has a similar investment approach.
“By joining forces with Investec, we believe our clients will benefit from the enhanced services. This is the next logical step for the development of our business and we are looking forward to becoming part of the Investec team.”
Barbara-Ann King, chief executive designate of Investec Wealth & Investment, said: “We have ambitious growth plans to build Investec Wealth & Investment into a business that is truly market-leading and delivers a best-in-class client experience. The acquisition of Murray Asset Management is an integral part of our strategy to enable us to deliver our financial advice services to more clients throughout the UK.”
Leigh Yeaman, divisional director of Scotland and Northern Ireland, added: “Our team in Edinburgh is looking forward to welcoming everyone at Murray Asset Management and working with them to grow our combined business in the region.”
Subject to regulatory approval, Investec, which manages some £44.4 billion of assets, is likely to complete the acquisition by the end of September.
The deal follows a wave of consolidation in the sector, including the acquisitions of Balmoral Asset Management, Caledonia Asset Management, Adam & Co and Cornerstone Asset Management.
Last month, an Edinburgh fund management business founded more than 30 years ago was acquired by an investment vehicle chaired by Scottish financial services veteran Martin Gilbert.
AssetCo said it was looking to build a strong asset management hub in Edinburgh, focused on managing listed equities.