Main Menu

Adviser deal

Wealth firm Cornerstone acquired by Waverton

Alan Reid

Alan Reid: ‘exciting development’ (pic: Terry Murden)

Scottish wealth manager and financial advice firm Cornerstone Asset Management has been acquired by Waverton Investment Management Group, formerly known as Hambro.

Edinburgh-based Cornerstone has 1,000 clients, £500 million of assets under management and a team of 22.

London-based Waverton said the acquisition represents an expansion of its regional footprint and will allow for an “augmented service proposition”, bringing together wealth planning and discretionary investment management services for clients. Terms of the deal were not disclosed.

Alan Reid, who was a founding partner of Cornerstone in 2010, 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.

“They are a very forward thinking and ambitious organisation who share our core belief that successful outcomes for clients are our primary focus. This is an exciting development for our team and means we can continue to expand our growth plans even further.”

Nick Tucker, chief executive of Waverton Investment Management, 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’.

“The acquisition is testament to our belief in goal-based wealth management and will provide a springboard for the development of our service offering for private clients, and entrepreneurs in particular.”

Waverton Investment Management was founded as J O Hambro Investment Management (JOHIM) in 1986 by Richard Hambro. 

For 14 years the company was owned by the Hambro Family and senior management.

Newsletter

In 2001, JOHIM was acquired by the Credit Suisse Group, although it remained an independently managed entity.

In 2013, Credit Suisse agreed to sell JOHIM to Somers and to the existing management team, thus re-establishing the firm’s credentials as an independent owner-managed investment management house.

It was agreed by the board, following the acquisition from Credit Suisse, that the company would change its name to Waverton Investment Management.  



Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.