UK-based Independent Wealth Planners (IWP) has acquired north east Scotland-based Alex M Grant and Surrey-based Custodian Wealth Management.

The acquisitions, whose financial details were not disclosed, adds £362m in assets to IWP.

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Alex M Grant offers independent financial advice to families and businesses. The firm, led by founder and principal Alex Grant, manages a total of £290m in client assets.

Under the agreement, the firm will become a part of IWP’s regional firm for Aberdeenshire, Buchanan and Associates.

Founded in 2004 by Branimir Gavrilovic and Richard Sutcliffe, Custodian Wealth Management manages £72m in assets under advice on behalf of its 200 clients.

The firm will form part of Murdoch Asset Management, IWP’s regional firm for Hampshire and Surrey.

Encompass Financial Management and Omnium Wealth Management, two of IWP’s recent acquisitions, were also linked to Murdoch Asset Management.

Commenting on the deal, Grant said: “I’m excited to be joining the IWP group – I can see that great service and client-focused outcomes are at the heart of the business.

“We’ve worked hard to forge trusted, long-term relationships with our clients, and I look forward to taking this to next level backed by the increased support and resources provided by IWP.”

Gavrilovic added: “IWP represents an excellent fit for Custodian and our clients – we were impressed with its client servicing and investment proposition, fee structure, ethos and culture.”

Last month, IWP bought Yorkshire-based financial planning firm Acuity Wealth Management (AWM) to add remote advice capability to the firm.