Partners Wealth Management (PWM) has completed the acquisition of Scotland-based wealth management business Johnston Carmichael Wealth.

Johnston Carmichael Wealth is the wealth management arm of independent accountancy and advisory firm Johnston Carmichael LLP, and manages approximately £855m of assets for around 1,500 private clients.

It has been acquired by PWM, an independent wealth management firm based in England that is part of the 7IM group, which looks after around £5bn of private client assets.

Following the acquisition, PWN will now oversee combined assets of approximately £6bn on behalf of around 5,500 private clients.

As part of the deal, Johnston Carmichael Wealth will retain its existing team, which is led by managing director, Craig Hendry.

The firm will continue to “work closely” with Johnston Carmichael LLP as it looks to ensure continuity for its clients while offering access to further expertise and services.

Johnston Carmichael Wealth will continue to maintain its brand “for the time being”.

“We are delighted to welcome Johnston Carmichael Wealth to the PWM family,” commented PWM managing partner, Fiona Oliver.

“Their strong reputation, deep client relationships, and commitment to excellence make them a perfect fit for our long-term growth strategy.

“This acquisition allows us to expand our footprint in Scotland while continuing to deliver the high-quality, client-centric service that defines PWM.”

Hendry added: "Joining PWM, and the wider 7IM group, provides an exciting opportunity for our firm to grow while maintaining the values and service our clients expect.

“With access to PWM’s extensive resources, investment solutions, and technology, we are well-positioned to enhance our offering and continue delivering exceptional financial planning advice.”

---