Tenet has completed its first practice buyout in Scotland, with the acquisition of Forth Financial Services Limited, based in Haddington, near Edinburgh.

Tenet will retain the Forth Financial branding in a deal that adds approximately £58m of assets under management.

Tenet’s chief executive, Mark Scanlon, said: “I’m delighted that Forth has chosen to continue its journey with Tenet.

“Starting as a network member, the firm then became directly authorised, retaining its relationship with Tenet via our compliance services.

“We look forward to welcoming Brad Cumming, Steven O’Neil and Andrea Riddell as Tenet advisers and wish Tom O’Neil all the best in his retirement.

Brad Cumming, one of the joint directors at Forth Financial Services, said: “We have had a working relationship with Tenet for over 17 years and therefore, the group has an excellent knowledge of our working practices and the profile of our clients.

“This synergy between the two companies will only enhance our ongoing and future client offering and the team at Forth Financial is delighted to be re-joining the Tenet brand.”