UK-based Independent Wealth Planners (IWP) has acquired north east Scotland-based Alex M Grant and Surrey-based Custodian Wealth Management.

The acquisitions, whose financial details were not disclosed, adds £362m in assets to IWP.

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Alex M Grant offers independent financial advice to families and businesses. The firm, led by founder and principal Alex Grant, manages a total of £290m in client assets.

Under the agreement, the firm will become a part of IWP’s regional firm for Aberdeenshire, Buchanan and Associates.

Founded in 2004 by Branimir Gavrilovic and Richard Sutcliffe, Custodian Wealth Management manages £72m in assets under advice on behalf of its 200 clients.

The firm will form part of Murdoch Asset Management, IWP’s regional firm for Hampshire and Surrey.

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Encompass Financial Management and Omnium Wealth Management, two of IWP’s recent acquisitions, were also linked to Murdoch Asset Management.

Commenting on the deal, Grant said: “I’m excited to be joining the IWP group – I can see that great service and client-focused outcomes are at the heart of the business.

“We’ve worked hard to forge trusted, long-term relationships with our clients, and I look forward to taking this to next level backed by the increased support and resources provided by IWP.”

Gavrilovic added: “IWP represents an excellent fit for Custodian and our clients – we were impressed with its client servicing and investment proposition, fee structure, ethos and culture.”

Last month, IWP bought Yorkshire-based financial planning firm Acuity Wealth Management (AWM) to add remote advice capability to the firm.