Central belt financial services company Tweed Wealth Management has acquired the wealth management arm of Inverness- headquartered law firm Macleod and MacCallum.
As part of the deal, the legal firm’s directors will take a minority stake in Edinburgh-headquartered Tweed Wealth Management.
The move comes two years after 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 exceed £435 million.
Tweed Wealth Management co-founder and managing director Alison Welsh 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 we believe we can get that up to at least 14 within the next three years.
“Macleod and 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 its clients new and old, irrespective of financial background, will benefit from using the service.
‘Untapped potential’
“The market in this region is incredibly entrepreneurial and has a buoyant economy so we believe there is still a lot of untapped potential.”
Macleod and MacCallum joint MD Peter Mason believes the deal will serve as another opportunity to highlight its financial advisory services for its existing legal and property clients.
Mr Mason said: Peter said: “Our ethos has always been to be able to help our clients at every stage of life and to be able to offer our services to each generation of a family.
“One of the aspects of the Tweed team is they shared our vision and it was really important for us to have a partner with the reputation and track record of Tweed.
We are one of the only chartered firms working in Inverness”
Tweed Wealth Management co-founder and CEO Chris Tweed
“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.”
The move is Tweed Wealth Management’s fifth acquisition in recent years following deals to secure John Home Wealth Management, Melville Wealth Management, Stevenson-Hamilton Wealth Management and Jamieson Wealth Management.
Tweed Wealth Management co-founder and CEO Chris Tweed added: “We are one of the only chartered firms working in Inverness and our focus is to deliver service and expertise for everyone.
Additional support from Tweed team in Edinburgh
“I look forward to forming a formidable partnership with the wider Macleod and MacCallum team.”
Clients of Macleod and MacCallum Wealth Management will continue to be served by the Inverness team, with additional administrative and back-office support provided by the Tweed team based in Edinburgh.
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