UK-based Waverton Investment Management has acquired wealth planner Cornerstone Asset Management for an undisclosed sum.
Established in July 2010, and with offices in Edinburgh and Glasgow, Cornerstone offers wealth management and financial planning advice.
With around 1,000 clients, Cornerstone advises on £500m ($690m, €577m) of assets under management (AuM) and has a team of 22.
This acquisition allows Waverton to expand its regional footprint and offer an “augmented service proposition, integrating wealth planning and discretionary investment management for clients”.
Nick Tucker, chief executive at Waverton Investment Management said: “We have known Cornerstone for some time, having managed their Active Multi-Asset Portfolio range since 2012. They have built a highly-regarded growth business over the last decade and the broadened proposition is a demonstration of our shared belief that ‘if it works for clients, it works for us’.
“The acquisition is testament to our belief in goal-based wealth management and will provide a springboard for the development of our service offering for private clients, and entrepreneurs in particular.”
