Tweed Wealth Management (TWM) has acquired Glasgow-based Capital Wealth Consultants (CWC) in a deal that adds £80m in assets to the group.

The deal will see TWM grow to more than 28 staff across four locations.

Founded in 2012 as Penman Wealth Management, CWC was established as a boutique private client firm that looks after assets for families across the UK.

The latest move has reunited TWM co-founder, Chris Tweed, and CWC founder and director, Ross Penman, who met in 2007 prior to founding their businesses while working for another Glasgow-based advice firm.

Tweed said the acquisition represents a “major step” in the firm’s mission to expand its footprint.

“With the addition of Ross’ extensive sector experience, [it] will further enhance our already thriving speciality of providing bespoke relationship-led advice to sports professionals UK wide,” added Tweed.

“CWC’s location in Glasgow also paves the way for further planned expansion into Glasgow and the west of Scotland.”

Penman added: “While I will continue to work day-to-day with my clients, I will also have the support of a much larger team at TWM. I am looking forward to working with the young, thriving team that has an award-winning proposition to back up its exceptional growth story within Scotland over the last 10 years.”

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