Tue, 04 Mar 2025 | BUSINESS SALE
Partners Wealth Management LLP (PWM) has bought Aberdeen's Johnston Carmichael Wealth to build a £6 billion business.
Established in 2004, PWM, part of the 7IM group, is an independent wealth management firm based in London and the Midlands. Starting out with just four founders, it has since grown to a team of around 170 that currently looks after about £5 billion of private client assets.
Johnston Carmichael Wealth is the wealth management arm of Scotland's largest independent accountancy and advisory firm, Johnston Carmichael LLP. The firm manages approximately £855 million in assets for around 1,500 private clients. It offers comprehensive, independent financial advice and planning services across Scotland.
Following the acquisition, PWM will now look after combined assets totalling £6 billion on behalf of 5,500 private clients.
As part of the transaction, Johnston Carmichael Wealth will retain its existing team, led by managing director and highly experienced Chartered Financial Planner Craig Hendry. It will continue to work closely with Johnston Carmichael LLP, ensuring continuity for clients while also offering access to an enhanced range of expertise and services. Johnston Carmichael Wealth will also, for the time being, continue to maintain its brand.
This acquisition forms part of PWM's broader strategy to expand its reach across the UK, reinforcing its position as one of the leading independent wealth managers for individuals, families, and businesses seeking expert financial planning advice.
Commenting on the acquisition, Fiona Oliver, Managing Partner of PWM, said: "We are delighted to welcome Johnston Carmichael Wealth to the PWM family. 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."
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