City of London-based Partners Wealth Management has completed the acquisition of Aberdeen-based Johnston Carmichael Wealth for an undisclosed sum.

The deal will see Partners advising on combined assets totalling £6bn on behalf of 5,500 private clients.

The firm, part of the 7IM group, was established in 2004 by four founders. It has since grown to a team of 170 that looks after £5bn of assets.

Johnston Carmichael Wealth is the wealth management arm of Scotland’s independent accountancy and advisory firm, Johnston Carmichael. Based in Aberdeen, the firm manages £855m in assets for around 1,500 private clients.

Johnston Carmichael Wealth employs more than 60 staff, forming Financial Planning, business and client support teams across the UK. 

The wealth team specialises in Financial Planning and advice on personal and business affairs such as investment and retirement planning, estate planning, and personal and business protection. Last year it expanded to Dundee.

As part of the transaction, Johnston Carmichael Wealth will retain its existing team, led by managing director and Chartered Financial Planner Craig Hendry.

It will continue to work closely with Johnston Carmichael, to give continuity for clients while also offering access to an enhanced range of expertise and services. it will continue to maintain its brand name for the time being, Partners said.

The acquisition forms part of Partners broader strategy to expand its reach across the UK, the firm said.

Fiona Oliver, managing partner, said: “Johnston Carmichael Wealth’s strong reputation, deep client relationships, and commitment to excellence make them a perfect fit for our long-term growth strategy. The acquisition allows us to expand our footprint in Scotland.”

Craig Hendry, managing director at Johnston Carmichael Wealth said: "Joining Partners and the wider 7IM group provides an opportunity for our firm to grow while maintaining the values and service our clients expect. With access to their extensive resources, investment solutions, and technology, we are well-positioned to enhance our offering.”

Dean Proctor, chief executive of 7IM and chairman of Partners, said: “Johnston Carmichael Wealth aligns perfectly with our strategic vision.”