Tweed Wealth Management has acquired Glasgow-based Capital Wealth Consultants (CWC) as it expands into western Scotland.

The deal will see Edinburgh-headquartered Tweed grow to 28 staff across four locations.

The firm is part of wealth manager St James’s Place.

CWC was founded in 2012 as Penman Wealth Management and looks after £80m in assets for families across the UK.

Chris Tweed, co-founder of Tweed, and Ross Penman, founder of CWC, previously worked together at a Glasgow-based advice firm in 2007.

The pair also share a personal friendship, with Mr Tweed acting as Mr Penman’s best man at his wedding in 2011.

The acquisition is the latest in a series for the Scottish wealth manager with other recent acquisitions including Inverness-based John Home Wealth Management.

Tweed said the acquisition of CWC will also enable the firm to enhance its offering to UK sports professionals.

Mr Tweed said: “This acquisition represents a major step in our mission to expand our footprint and, with the addition of Ross’ extensive sector experience, will further enhance our already thriving speciality of providing bespoke relationship-led advice to sports professionals UK-wide.

“Capital Wealth Consultants’ strong reputation in the private client space will complement our existing extensive footprint within International Rugby. CWC’s location in Glasgow also paves the way for further planned expansion into Glasgow and the west of Scotland.”

Tweed is one of the largest privately-owned and funded wealth management firms in Scotland. It was founded by Chris Tweed and his wife Alison in 2014.