Gilson Gray Financial Management (GGFM), the financial services unit of Scottish legal firm Gilson Gray, has purchased East Lothian peer Wallace Financial Planning.

Based in North Berwick, Scotland, Wallace Financial Planning provides wealth management solutions.

The deal represents the first acquisition under GGFM’s growth plan and has expanded its assets under management by 20%.

It has also helped Gilson Gray add fresh wealth management know-how to its current legal and property business in East Lothian.

With the deal, Wallace Financial Planning’s ex-owner Scott Wallace has become a financial adviser at GGFM.

In his new role, Wallace will advise the existing private clients and the ones who are going to join GGFM.

In addition, Wallace Financial Planning will be rebranded and will continue to hold its current office branches in North Berwick.

The companies have not disclosed the precise value of the transaction, but only said that it was a seven-figure deal.

GGFM managing director Steve Herkes said: “Scott’s success in establishing a trusted and client-focused service shows his dedication to helping his clients achieve their financial objectives. This approach is a perfect match to Gilson Gray’s business philosophy.

“We are looking forward to delivering even stronger service to our clients and cementing our position in East Lothian as the go-to adviser for legal, property, and financial services. Our aim is to offer the local community a full range of services that would typically only be available in cities.

“The acquisition of Wallace Financial Planning is the first of what we hope will be a series of deals in the months ahead that will significantly enhance our wealth management footprint across Scotland.”

Last year, GGFM bought Dunblane-based GCR Financial that offers wealth management services to families.