Murray Asset Management’s 20 staff will transfer to Investec Wealth & Investment.

Murray provides a variety of wealth management services to clients including retirement planning and investment advice.

Investec Wealth & Investment announced earlier this week it was promoting chief commercial officer Barbara-Ann King to CEO in October as part of an executive reshuffle.

Barbara-Ann King, chief executive officer designate of Investec Wealth & Investment, said: “We have ambitious growth plans to build Investec Wealth & Investment into a business that is truly market-leading and delivers a best-in-class client experience.

"The acquisition of Murray Asset Management is an integral part of our strategy to enable us to deliver our financial advice services to more clients throughout the UK.”

Ruthven Gemmell, chief executive of Murray Asset Management, said: “We are very pleased to have the opportunity to become part of the Investec Wealth & Investment business which is similarly client-focused, highly regarded in the market, and has a similar investment approach. By joining forces with Investec, we believe our clients will benefit from the enhanced services. This is the next logical step for the development of our business and we are looking forward to becoming part of the Investec team.”

Leigh Yeaman, divisional director of Scotland and Northern Ireland, said: “Our team in Edinburgh is looking forward to welcoming everyone at Murray Asset Management and working with them to grow our combined business in the region.”

Subject to regulatory approval, Investec aims to complete the deal by the end of September.