By Ian McConnell

Business Editor

Tweed Wealth Management has bought a Highland financial advice practice in a seven-figure deal, and flagged its appetite for further acquisitions in the region.

The purchase of John Home Wealth Management is Edinburgh-based Tweed’s fourth acquisition since 2017. It increases Tweed’s total assets under management to more than £380 million. Inverness-based John Home, set up in 2012 and with a four-strong team including its eponymous founder, has brought £95m of funds under investment.

The enlarged group, which has around 1,900 clients, now employs 22 people.

Tweed said that, under the deal, all existing staff in the Highland firm and principal John Home had joined its team, while continuing to be based in Inverness “where further investments are planned to expand operations and headcount”.

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Chris Tweed, the co-founder and chief executive of the Edinburgh-based wealth manager who set up this practice with wife Alison in 2014, said: “The acquisition helped us to meet our ambitious expansion plans north of the central belt.

“We see Inverness and the wider Highlands and Islands as offering huge growth potential for Tweed Wealth Management. While other firms may focus on only the central belt, we have always aspired to have national exposure across all of Scotland and view the Highlands and Islands as critical to our success.”

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He added: “We understand the importance of client-facing services, so it was fundamental that we maintain these. The local expertise and knowledge of John and his team are invaluable and will be essential to developing our adviser base in the region. We are actively looking at a number of other acquisitions in the region and expect a number of these to complete in 2022.”

Mr Home said: “The growth plans for the region are exciting and I am personally looking forward to helping to develop a new generation of advisers.”

Mr Tweed said: “John and his team started from scratch and built up the firm...so we had admired what they achieved for a long time.

“It was clear from my first meeting with John that both practices shared very similar values, with a strong focus on delivering high-quality financial planning while developing strong relationships with clients and their families through the generations. We see a very exciting future ahead, both for existing clients and in introducing a new wealth management operation to the Inverness and Highlands area.”