UK-based Waverton Investment Management has acquired Scottish-based wealth planner Cornerstone Asset Management.

The deal, whose financial term are unknown, is subject to regulatory approval.

Founded in 2010, Cornerstone provides wealth management and financial planning advice. The company has a team of 22 and offices in in Edinburgh and Glasgow.

It advises on £500m of (AUM) on behalf of some 1000 clients.

The acquisition follows Waverton’s strategy to expand its regional footprint. It will enable the company for an ‘augmented service proposition’ by adding wealth planning and discretionary investment management.

Waverton Investment Management CEO Nick Tucker referred to the deal as a testament to the company’s belief in goal-based wealth management.

Tucker said: “We have known Cornerstone for some time, having managed their Active Multi-Asset Portfolio range since 2012.

“They have built a highly-regarded growth business over the last decade and the broadened proposition is a demonstration of our shared belief that ‘if it works for clients, it works for us’.”

Cornerstone Asset Management founding partner Alan Reid said: “We are thrilled to be joining the Waverton Group, which has an excellent reputation and shares our culture and vision on how best to support clients and employees.

“This is an exciting development for our team and means we can continue to expand our growth plans even further.”

Other developments in the UK wealth space

This week, British wealth manager Mattioli Woods agreed to purchase 100% share capital of Leicester-based Pole Arnold Financial Management.

Earlier this month, UK-based fund manager Schroders introduced a £4bn Investment Solutions business in the UK to offer low-cost model portfolios and multi-asset funds.

Recently, British insurance broker Ardonagh reportedly established an asset management division to accelerate its buy-and-build strategy after last year’s £2bn refinancings.