Gilson Gray Financial Management (GGFM), the financial planning unit of legal firm Gilson Gray, has purchased Sarah Hughes Wealth Management for an undisclosed sum.

Sarah Hughes Wealth Management, which has been serving as a senior partner practice at St James’s Place since 1997, specialises in offering advice to high-net-worth individuals (HNWIs) in the UK.

The acquisition takes GGFM’s total assets under management to around £500m, which represents a 40% surge within 12 months.

Marking the firm’s first deal of this year, the acquisition has been carried out in line with GGFM’s expansion plan that includes strategic acquisitions and growth in the upcoming years.

The deal will see Sarah Hughes, a chartered financial planner, and her team becoming part of GGFM. They will provide their clients with access to Gilson Gray’s integrated legal and property offerings.

It follows the purchase of Wallace Financial Planning by GGFM in September last year.

GGFM managing director Steve Herkes said: “I have known Sarah for several years, she has a reputation as a high quality financial planner with a huge focus on tailoring services to her client’s needs.

“She will be a great addition to our team, mentoring more junior colleagues and helping to develop our private client proposition.

“At the same time, her clients will benefit from access to a wider range of financial, property, and legal services, so the acquisition is the perfect fit for both businesses.”

Herkes further noted that the latest acquisition would boost the firm’s reach and solutions across Scotland.