Partners Wealth Management (PWM) has purchased Johnston Carmichael Wealth in a move that will strengthen its position as an independent wealth management firm in the UK.
The acquisition will see PWM’s assets under management grow to approximately £6bn ($7.6bn), serving around 5,500 private clients.
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Johnston Carmichael Wealth, the wealth management arm of Scotland’s largest independent accountancy firm, Johnston Carmichael LLP, currently manages £855m in assets for around 1,500 clients.
The Scottish firm will retain its existing team under managing director Craig Hendry and continue to collaborate closely with Johnston Carmichael. While it will maintain its brand for the time being, clients will gain access to PWM’s wider range of expertise and services.
Fiona Oliver, Managing Partner of PWM stated: “We are delighted to welcome Johnston Carmichael Wealth to the PWM family. Their strong reputation, deep client relationships, and commitment to excellence make them a perfect fit for our long-term growth strategy. This acquisition allows us to expand our footprint in Scotland while continuing to deliver the high-quality, client-centric service that defines PWM.”
Established in 2004, PWM is part of the 7IM group and has grown from a four-founder team to around 170 employees managing £5bn in client assets. The acquisition is part of its broader expansion strategy across the UK.
Hendry added: “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 and continue delivering exceptional financial planning advice.”
Dean Proctor, CEO of 7IM and Chairman of PWM, highlighted the tactical importance of the deal: “This acquisition is a testament to our ongoing commitment to strengthening our wealth management capabilities across the UK. Johnston Carmichael Wealth aligns perfectly with our strategic vision, and we are excited about the opportunities this partnership will bring for both our clients and our teams.”
Mark Houston shared: “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. With our ambitious growth plans, it’s an exciting time for Johnston Carmichael. This will support investment in our next chapter, creating enduring impact for our clients, our people, and the communities in which we serve.”
With this latest move, PWM continues to expand its presence across the UK, offering clients a wider range of services and expertise while maintaining a personalised approach to financial planning.
