Waverton Investment Management Group has acquired wealth planner Cornerstone Asset Management for an undisclosed amount.
Established in July 2010, with offices in Edinburgh and Glasgow, Cornerstone offers wealth management and financial planning advice.
With around 1,000 clients, it advises on around £500m of assets under management and has a team of 22.
This latest acquisition represents an expansion of London-based Waverton’s regional footprint and will allow for an “augmented service proposition”, integrating wealth planning and discretionary investment management for clients.
Waverton chief executive Nick Tucker said: “We have known Cornerstone for some time, having managed their Active Multi-Asset Portfolio range since 2012.
“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.”
Alan Reid, founding partner at Cornerstone, 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.
“This is an exciting development for our team and means we can continue to expand our growth plans even further.”
As at 31 December 2020, Waverton had £6.9bn of assets under management and a further £2.3bn under administration.
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