London-based Waverton Investment Management Group has expanded its Financial Planning interests with the acquisition today of Scottish wealth manager and Financial Planner Cornerstone Asset Management.

The deal is the second Financial Planning acquisition by Waverton in the last 18 months after it acquired London-based Timothy James & Partners in December 2019.

Cornerstone was set up in July 2010 and has offices in Edinburgh and Glasgow. It has 1000 clients and its team of 22 advises on £500m of Assets Under Management (AUM).

The deal, for an undisclosed sum, is subject to regulatory approval. 

Waverton says the acquisition expands Waverton’s regional footprint and will allow for additional services and the integration of wealth planning and discretionary investment management for clients. 

Nick Tucker, chief executive, 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.”    

Alan Reid, founding partner, Cornerstone Asset Management, said: “We are thrilled to be joining the Waverton Group, which has an excellent reputation and shares our culture and vision on how best to support clients and employees. They are a very forward thinking and ambitious organisation who share our core belief that successful outcomes for clients are our primary focus. This is an exciting development for our team and means we can continue to expand our growth plans even further.”