Tweed Wealth Management has bought Glasgow-based Capital Wealth Consultants for an undisclosed sum.
The deal has seen Tweed Wealth Management expand across four locations and now has more than 28 members of staff.
Co-founder Chris Tweed and founder of Capital Wealth Consultants, Ross Penman have been close friends since 2007.
According to the firms, Tweed and Penman are now looking to build a productive business relationship that will see Tweed Wealth Management enhance its offering within key sectors such as sport professionals.
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.”
Capital Wealth Consultants was founded in 2012 under the name Penman Wealth Management and was set up as a boutique private client firm looking after £80mn assets for families across the UK.
“Chris and I met each other around 17 years ago and we just clicked; so when Chris came to me with this idea it made a hard decision a lot easier, not least with the trust that we have in each other. I wouldn’t have considered this with anyone else.
“While I will continue to work day-to-day with my clients, I will also have the support of a much larger team at Tweed Wealth Management.
“I am looking forward to working with the young, thriving team that has an award-winning proposition to back up its exceptional growth story within Scotland over the last 10 years,” Penman added.
This comes after Tweed Wealth Management snapped up the wealth management arm of law firm Macleod & MacCallum, based in Inverness.
Prior to this the firm has made a string of acquisitions in Scotland including the purchases of Melville Wealth Management, Stevenson-Hamilton Wealth Management and Jamieson Wealth Management.
alina.khan@ft.com
