Tweed Wealth Management, the Edinburgh-based financial advisory firm, has strengthened its position in the Highlands by acquiring the wealth business of legal practice Macleod & MacCallum.

The deal will see the directors of Macleod & MacCallum take a minority stake in Tweed and follows the acquisition of Inverness firm John Home Wealth Management two years ago.

Total assets under management across the entire business now exceeds £435 million. 

Alison Welsh, co-founder and managing director at Tweed Wealth Management, said: “This deal is a big step forward for the business. It takes us to six client-facing advisers working from Inverness alone – but through our growth plans believe we can get that up to at least 14 within the next three years. 

“Macleod & MacCallum is a prized brand in this part of the world and over more than 50 years has served as trusted partner to thousands of families in the Highlands and Islands. 

“We are excited to grow its wealth management arm and believe that its clients new and old, irrespective of financial background, will benefit from using the service. 

“The market in this region is incredibly entrepreneurial and has a buoyant economy so we believe there is still a lot of untapped potential.” 

Peter Mason, joint managing director at Macleod and MacCallum, believes the deal will serve as another opportunity to highlight its financial advisory services for its existing legal and property clients. 

Mr Mason said: “Our ethos has always been to be able to help our clients at every stage of life, and to be able to offer our services to each generation of a family. 

“One of the attractive aspects of the Tweed team is that they shared our vision, and it was really important for us to have a partner with the reputation and track record of Tweed.”

This is Tweed Wealth Management’s fifth acquisition in recent years, following its deals to secure John Home Wealth Management, Melville Wealth Management, Stevenson-Hamilton Wealth Management and Jamieson Wealth Management. 

Chris Tweed, co-founder and CEO at Tweed Wealth Management, said: “We are one of the only chartered firms working in Inverness.

“The potential to expand is truly exciting and I look forward to forming a formidable partnership with the wider Macleod & MacCallum team.” 

Mr Tweed set up the practice with wife Alison in 2014.