Partners Wealth Management (PWM), a London-based financial firm, has announced the acquisition of Johnston Carmichael Wealth, the wealth management arm of Scotland’s largest independent chartered accountancy firm. This strategic move marks a significant expansion of PWM’s presence in Scotland and bolsters its assets under management.
Johnston Carmichael Wealth, headquartered in Aberdeen, currently manages approximately £855 million in assets for around 1,500 private clients. The firm offers a comprehensive range of services, including financial planning, investment management, retirement planning, estate planning, and business protection.
As part of the deal, all 60 employees of Johnston Carmichael Wealth will be retained, with the team continuing to be led by managing director Craig Hendry. The firm will maintain its brand for the time being and will continue to work closely with Johnston Carmichael LLP to ensure continuity for clients.
Craig Hendry expressed enthusiasm about the acquisition, stating: “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.”
The acquisition will significantly boost PWM’s assets under management, with the combined entity now overseeing £6 billion on behalf of 5,500 private clients.
Mark Houston, chair and senior partner at Johnston Carmichael LLP, commented: “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.”
Fiona Oliver, managing partner at PWM, highlighted the strategic importance of the acquisition, stating: “Johnston Carmichael Wealth has a long-standing reputation for excellence, and their commitment to client relationships and innovative financial planning makes them an ideal partner. We’re thrilled to welcome them to the PWM family.”
This acquisition comes at a time when the financial services sector is experiencing significant transformation, driven by digital advancements and ongoing fiscal and regulatory changes. A recent survey by Johnston Carmichael revealed that over 90% of financial services firms are considering mergers and acquisitions as a means of growth, with motivations including building economies of scale and acquiring new technologies, products, or capabilities.
As the financial services landscape continues to evolve, this acquisition positions both PWM and Johnston Carmichael Wealth to capitalise on growth opportunities while maintaining their commitment to client service and innovation.
