Edinburgh based chartered financial planning firm Mackay Stewart & Brown has been acquired by Close Brothers Asset Management.
The financials of the deal were not disclosed and it is subject to Financial Conduct Authority approval.
Close Brothers Asset Management CEO Martin Andrew said: “The acquisition of Mackay Stewart & Brown reinforces our commitment to build a leading integrated wealth management business in the UK. We look forward to working with our new colleagues and welcoming new clients to Close Brothers Asset Management. Our priority remains the delivery of high quality financial advice and investment management, coupled with the highest level of client service.”
Close Brothers Asset Management Head of Advice Andy Cumming said: “…the acquisition of Mackay Stewart & Brown Limited which will further strengthen our integrated wealth presence in Scotland. As former winners of New Model Adviser of the Year, MSB are a perfect fit for us: client centric, chartered, and professionally managed. We are keen to hire more high-calibre financial advisers as we aim to be the ‘go to firm’ for professional integrated wealth management.”
Managing Director of Mackay Stewart & Brown John Mackay said: “The deal gives our clients continuity of the high standard of service to which they are accustomed, plus access to Close Brothers Asset Management’s range of specialist financial planning services and investment expertise – a great outcome for everyone involved!”