UK-based Investec Wealth & Investment (IW&I) has acquired wealth and advice business Murray Asset Management for an undisclosed sum.
The Edinburgh-based firm will transfer its 20 members of staff to IW&I. Murray AM offers a range of wealth management services and products to clients across Scotland.
Barbara-Ann King, chief executive designate of IW&I, said: “We have ambitious growth plans to build Investec Wealth & Investment into a business that is truly market-leading and delivers a best-in-class client experience.
“The acquisition of Murray Asset Management is an integral part of our strategy to enable us to deliver our financial advice services to more clients throughout the UK.”
Ruthven Gemmell, chief executive of Murray Asset Management, added: “We are very pleased to have the opportunity to become part of the Investec Wealth & Investment business which is similarly client-focused, highly regarded in the market, and has a similar investment approach.
“By joining forces with Investec, we believe our clients will benefit from the enhanced services. This is the next logical step for the development of our business, and we are looking forward to becoming part of the Investec team.”
The acquisition is expected to finalise by the end of September 2022, subject to regulatory approvals.