Johnston Carmichael Wealth has been acquired by Partners Wealth Management, part of the 7IM Group.

Established in 2004, Partners is based in London and the Midlands, and now has a team of around 170 handling £5bn of private client assets.

Johnston Carmichael Wealth is the wealth management arm of Scottish independent accountancy and advisory firm, Johnston Carmichael. Headquartered in Aberdeen, the firm manages approximately £855m in assets for around 1,500 private clients.

Following the deal, Partners’ will now look after combined assets totalling circa £6bn on behalf of around 5,500 private clients.

As part of the transaction, Johnston Carmichael Wealth will retain its existing team, led by managing director Craig Hendry. It will continue to work with Johnston Carmichael, ensuring continuity for clients.

Johnston Carmichael Wealth will also, for the time being, continue to maintain its brand.

Mr Hendry said: “Joining PWM, and the wider 7IM group, provides an exciting opportunity for our firm to grow while maintaining the values and service our clients expect.

“With access to PWM’s extensive resources, investment solutions, and technology, we are well-

Dean Proctor, chief executive of 7IM and chair of PWM, commented: “This acquisition is a testament to our ongoing commitment to strengthening our wealth management capabilities across the UK.

“Johnston Carmichael Wealth aligns perfectly with our strategic vision, and we are excited about the opportunities this partnership will bring for both our clients and our teams.”