UK-based wealth manager Investec Wealth & Investment has revealed its plan to buy Edinburgh-based Murray Asset Management.

Financial and other details of the deal have not been divulged.

Post the acquisition, Murray Asset Management’s existing team of 20 employees are set to become part of Investec Wealth & Investment.

The deal, which awaits regulatory approval, is scheduled to be closed by the end of September this year.

Murray Asset Management chief executive Ruthven Gemmell said: “We are very pleased to have the opportunity to become part of the Investec Wealth & Investment business which is similarly client-focused, highly regarded in the market, and has a similar investment approach.

“By joining forces with Investec, we believe our clients will benefit from the enhanced services.

“This is the next logical step for the development of our business and we are looking forward to becoming part of the Investec team.”

Murray Asset Management currently offers a range of wealth management products and services for its customers.

Investec Wealth & Investment CEO designate Barbara-Ann King said: “We have ambitious growth plans to build Investec Wealth & Investment into a business that is truly market-leading and delivers a best-in-class client experience.

“The acquisition of Murray Asset Management is an integral part of our strategy to enable us to deliver our financial advice services to more clients throughout the UK.”

Late last month, Investec announced the hiring of Barbara-Ann King as CEO of Investec Wealth & Investment UK, as part of a reshuffle of its group executive team.

King took charge of her new role from Ciaran Whelan, who was appointed in the Investec role in April 2020.