A central belt financial services firm is on the hunt for further expansion opportunities in the Highlands after snapping up 10-year-old firm John Home Wealth Management (JHWM).
Financial terms of the deal were undisclosed.
It sees Inverness-based JHWM become part of Edinburgh company Tweed Wealth Management.
“Tweed bring a great deal of operational expertise and resource.”
John Home, senior chartered financial planner.
All four JHWM staff, including principal John Home have joined the established Tweed team and continue to be based in Inverness, where further investments are planned to expand operations and headcount.
Tweed also gains £95 million of funds under investment.
The Edinburgh firm now boasts 1,900 clients and total assets under management of more than £380m, making it one of the biggest players in the Scottish market.
It has 10 financial advisers, including six chartered experts – the “gold standard” in the industry – among its 21-strong team.
‘The transition has been so smooth’
Mr Home, who launched JHWM in 2012, said: “When joining Tweed Wealth Management, maintaining continuity and the level of service our clients expect was of upmost importance – so we are delighted the transition has been so smooth.
“Tweed bring a great deal of operational expertise and resource.
“They have provided us with the freedom to approach things the way we always have, while adding resource and support where we have required it.”
Mr Home described Tweed’s growth plans for the region as “exciting”, adding: “I am personally looking forward to helping to develop a new generation of advisers.”
Tweed on acquisition trail
It is the fourth acquisition in recent years for Tweed, founded by chief executive Chris Tweed and his wife, Alison, in 2014.
Mr Tweed said: “The acquisition has helped us to meet our ambitious expansion plans north of the central belt.
“We see Inverness and the wider Highlands and Islands as offering huge growth potential.
“While other firms may focus on only the central belt, we have always aspired to have national exposure across all of Scotland and view the Highlands and Islands as critical to our success.”
We see Inverness and the wider Highlands and Islands as offering huge growth potential.”
Chris Tweed, CEO, Tweed Wealth Management.
Tweed’s CEO added: “John and his team started from scratch and built up the firm as the leading practice in Inverness, so we had admired what they achieved for a long time.
“The first thing you notice is just how highly regarded they are by their clients.
“It speaks volumes that this respect is not just limited to clients but shared by their peers and competitors.”
He continued: “It was clear from my first meeting with John that both practices shared very similar values, with a strong focus on delivering high quality financial planning, while developing strong relationships with clients and their families through the generations.
“We see a very exciting future ahead, both for existing clients and in introducing a new wealth management operation to the Inverness and Highlands area.”
Tweed aims to be a “forward-thinking financial advice practice that supports families and business clients, as well as providing a wealth of opportunity for talented people to work and achieve great things,” its boss said.
Clients of JHWM will continue to be served by the Inverness team, with additional administrative and back office support provided by Tweed’s team in Edinburgh.
Mr Tweed added: “We understand the importance of client-facing services, so it was fundamental that we maintain these.
“The local expertise and knowledge of John and his team are invaluable and will be essential to developing our adviser base in the region.
“We are actively looking at a number of other acquisitions… and expect a number of these to complete in 2022.”