The deal was completed for an undisclosed sum and will lead to further acquisitions, with Close Brothers giving an estimate of around one per year.
Mackay Stewart & Brown – an Edinburgh-based independent financial adviser – had £80m under advice as of last year, while Close Brothers’ assets under management stood at £9.7bn in November 2014.
Close Brothers also outlined the impending retirement of unnamed senior figures at Mackay Steward & Brown – however, all other staff will remain in place.
The firm roster currently includes John C Mackay, managing director, and private client director Sue Hissin.
Close Brothers acquired Glasgow-based IFA Cavanagh for £26.2m in April 2011 – Cavanagh founders Andrew Fay and Simon Redgrove left the business in July 2014. The firm also purchased Scott-Moncrieff’s wealth management arm in November 2011.
