Cornerstone Asset Management, which has offices in Edinburgh and Glasgow and advises on some £500 million of assets under management, has been bought by Waverton Investment Management Group, subject to regulatory approval.
Waverton said the acquisition represents an expansion of its regional footprint and will allow for an “augmented service proposition”, bringing together wealth planning and discretionary investment management services for clients.
Financial details surrounding the deal have not been disclosed.
Alan Reid, founding partner at Cornerstone Asset Management, said: “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.”
Nick Tucker, chief executive of Waverton Investment Management, 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.”