Partners Wealth Management LLP (PWM) said today (4 March) it has completed the acquisition of Johnston Carmichael Wealth.
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 c.170 that currently looks after c.£5bn of private client assets.
Johnston Carmichael Wealth is the wealth management arm of Scotland’s largest independent accountancy and advisory firm, Johnston Carmichael LLP. Headquartered in Aberdeen, the firm manages approximately £855m in assets for around 1,500 private clients.
Following the acquisition PWM will now look after combined assets totalling c.£6bn on behalf of c.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.
PWM further said the acquisition forms part of its broader strategy to expand its reach across the UK,
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.”
Craig Hendry, managing director at Johnston Carmichael Wealth 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.”
Dean Proctor, CEO of 7IM and Chairman of PWM said: “This acquisition is a testament to our ongoing commitment to strengthening our wealth management capabilities across the UK. Johnston Carmichael Wealth aligns perfectly with our strategic vision, and we are excited about the opportunities this partnership will bring for both our clients and our teams.”
Mark Houston, chair and senior partner at Johnston Carmichael LLP said: “Today’s deal with PWM brings significant benefits most importantly for our clients and the Johnston Carmichael Wealth team, supporting their growth as they transition to the PWM brand. With our ambitious growth plans, it’s an exciting time for Johnston Carmichael. This will support investment in our next chapter, creating enduring impact for our clients, our people, and the communities in which we serve.”
