Partners Wealth Management Expands Scottish Presence with Johnston Carmichael Wealth Acquisition
- Chapters Capital
- Mar 4
- 2 min read
4th March 2025
Partners Wealth Management (PWM) has expanded its presence in the UK by acquiring Johnston Carmichael Wealth, the wealth management division of Johnston Carmichael LLP, Scotland’s largest independent accountancy firm. This acquisition increases PWM’s total client assets to £6bn. It highlights the ongoing trend of mergers and acquisitions in the wealth management sector, as firms seek greater scale, expertise, and enhanced client offerings.
Johnston Carmichael Wealth, based in Aberdeen, manages around £855 million in assets for approximately 1,500 private clients. The team, led by Managing Director Craig Hendry, will remain in place, ensuring a smooth client transition while integrating with PWM’s wider operations. For now, Johnston Carmichael Wealth will continue to operate under its existing brand and collaborate with Johnston Carmichael LLP.
This acquisition aligns with PWM’s broader strategy to expand throughout the UK, strengthening its position as one of the country’s leading independent wealth management firms. Since its founding in 2004, PWM has grown significantly, employing around 170 staff and managing £5bn in assets before this latest transaction.
The acquisition reflects a larger industry consolidation trend within wealth management, as firms increasingly seek scale, operational efficiencies, and enhanced technological capabilities to remain competitive. This follows other recent deals, including:
· Saltus' acquisition of Lowes Financial Management, adding £1bn in AUA.
· Titan Wealth’s purchase of Advisa Wealth enhances its presence in the Channel Islands.
· Benchmark Capital’s acquisition of Robertson Baxter added £200m in client assets and further integrated the firm into its network under the Schroders Group.
As firms evaluate their strategic direction, the industry is witnessing a rise in private equity-backed consolidation. Independent firms are joining larger networks to strengthen their operations and provide better client services.
Fiona Oliver, Managing Partner at PWM, discussed the synergy between the two firms, "Johnston Carmichael Wealth has a strong reputation, deep client relationships, and a commitment to excellence, making them a perfect fit for our long-term growth strategy. This acquisition allows us to enhance our presence in Scotland while delivering the high-quality, client-focused service that defines PWM."
Craig Hendry, Managing Director of Johnston Carmichael Wealth, highlighted the advantages of joining PWM, "Becoming part of PWM and the broader 7IM group presents an exciting opportunity for our firm to grow while upholding the values and service our clients expect. Access to PWM’s extensive resources, investment solutions, and technology positions us to enhance our offerings and continue delivering exceptional financial planning advice."
As the industry evolves, firms must navigate an increasingly competitive M&A landscape while considering their succession planning, valuation, and long-term strategy.
At Chapters Capital, we specialise in financial planning and wealth management M&A and understand the importance of strategic acquisitions for growth. Whether you are considering a sale, merger, or expansion, contact one of our professional associates today for a confidential, no-obligation consultation.