PWM's acquisition of Johnston Carmichael Wealth marks a significant growth opportunity in Scotland.
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Introduction to the acquisition
In a strategic move to bolster its presence in Scotland, PWM, a London-based financial firm, has successfully acquired Johnston Carmichael Wealth. This acquisition is set to enhance PWM’s capabilities in wealth management while retaining the esteemed reputation of Johnston Carmichael, Scotland’s largest independent chartered accountancy and business advisory firm.
About Johnston Carmichael Wealth
Johnston Carmichael Wealth, located in Aberdeen, has established itself as a prominent player in the financial planning sector, managing approximately £855 million in assets for around 1,500 private clients. Their services encompass a wide range of financial needs, including investment management, retirement planning, estate planning, and business protection.
The firm prides itself on its personalized approach, ensuring that each client receives tailored financial advice that aligns with their unique goals.
Impact on employees and clients
As part of the acquisition, Johnston Carmichael Wealth will retain its existing team of 60 employees, led by managing director Craig Hendry. The firm will continue to operate under its established brand for the time being, ensuring a seamless transition for clients. This continuity is crucial as Johnston Carmichael Wealth works closely with Johnston Carmichael LLP to maintain the high standards of service that clients have come to expect.
Growth opportunities for PWM
Following the acquisition, PWM will manage a combined total of £6 billion in assets on behalf of 5,500 private clients. Mr. Hendry expressed enthusiasm about the partnership, stating, “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.” This collaboration will grant Johnston Carmichael Wealth access to PWM’s extensive resources, investment solutions, and advanced technology, positioning them to enhance their service offerings significantly.
Strategic vision for the future
Mark Houston, chair and senior partner at Johnston Carmichael LLP, emphasized the positive implications of this acquisition for both clients and the firm. He noted, “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.” This acquisition aligns with Johnston Carmichael’s ambitious growth plans, creating a lasting impact on their clients and the communities they serve.
Conclusion
Fiona Oliver, managing partner at PWM, highlighted the acquisition’s potential to expand their footprint in Scotland. She remarked, “Johnston Carmichael Wealth has a long-standing reputation for excellence, and their commitment to client relationships and innovative financial planning makes them an ideal partner. We’re thrilled to welcome them to the PWM family.” This acquisition not only signifies a strategic expansion for PWM but also reinforces the commitment to delivering exceptional financial services to clients in Scotland.
