Whyte Sharp, which has offices in Edinburgh and St Andrews, was bought by Ludlow for an undisclosed sum. Former owner Gary Whyte will be retiring while his business partner David Watson will continue to run the St Andrews part of Whyte Sharp as a stand-alone operation.

Ludlow has six offices in Northern England and Scotland and advises clients across the UK. It has over £850 million in assets under management and recently completed a management buyout that was supported by Mobeus Equity Partners. Ludlow’s managing director Ian Hemingway recently became Ludlow’s new chief executive.

Ludlow’s consultants Darren Scoon and Chris Mcleod will be based at the Edinburgh office and will aim to expand the firm’s presence throughout Scotland, says Ludlow. Rachel Morrison, who was previously with Whyte Sharp, will join Ludlow’s client support team.

Ian Hemingway, Ludlow’s chief executive, said: “We have had a long-term plan that will see Ludlow become one of the UK’s leading wealth management business. Following the recent management buyout, we have been given a clear mandate and the resources by Mobeus to ensure this objective is achieved.

“We have long identified that Scotland offers us valuable growth and have always regarded Whyte Sharp as a firm that shares the same business principles and client philosophies. We’re now looking forward to a new chapter in our growth following the acquisition and look forward to working with our clients across Scotland.”

Whyte Sharp promises a long term Financial Planning approach to clients and offers investments, retirement planning, inheritance tax advice and some corporate services.

Mr Whyte added: “Over the past three to four years, we have had a number of approaches from several financial institutions wishing to acquire the business. After considerable effort, I have found a firm in Ludlow Wealth Management, which has similar client values and work ethos to mine and therefore will be best suited to the financial requirements of my clients.

“Ludlow has a very strong Scottish arm and a most progressive outlook. Its approach and values are consistent with those of Whyte Sharp and I am confident that clients will enjoy and benefit greatly from their expertise and innovative approach.”