Close Brothers Asset Management (CBAM) has acquired Edinburgh-based chartered financial planning firm Mackay Stewart & Brown that had £80m in assets under advice in 2014.

The deal, which is subject to approval by Financial Conduct Authority, has been agreed upon an undisclosed sum.

Close Brothers CEO Martin Andrew said: "The acquisition of Mackay Stewart & Brown reinforces our commitment to build a leading integrated wealth management business in the UK.

"We look forward to working with our new colleagues and welcoming new clients to CBAM. Our priority remains the delivery of high quality financial advice and investment management, coupled with the highest level of client service."

Close Brothers ventured in the Scottish sector with its acquisition of Scott-Moncrieff Wealth Management led by Andy Cumming, four years ago.

CBAM head of advice Andy Cumming added: "We are keen to hire more high-calibre financial advisers as we aim to be the ‘go to firm’ for professional integrated wealth management."

Mackay Stewart & Brown managing director John Mackay said: "The deal gives our clients continuity of the high standard of service to which they are accustomed, plus access to CBAM’s range of specialist financial planning services and investment expertise – a great outcome for everyone involved."