Johnston Carmichael LLP is writing a new chapter in its long history with the sale of its wealth management arm.

The UK accountancy and business advisory firm, founded almost 90 years ago, has agreed a deal with Partners Wealth Management LLP (PWM) for the acquisition of Johnston Carmichael Wealth, its multi award-winning wealth management business.

The deal will support investment in Johnston Carmichael’s impressive growth trajectory across the UK and its strategic ambition to create enduring impact for its clients, people and communities.

Established in 2004, PWM, part of the 7IM group, is an award-winning, independent wealth management firm based in London and the Midlands. Starting out with just four founders, it has since grown to a team of c.170 that currently looks after c.£5bn of private client assets.

Headquartered in Aberdeen and led by Partner and Managing Director Craig Hendry, Johnston Carmichael Wealth manages approximately £855 million in assets for around 1,500 private clients. Offering comprehensive, independent financial advice and planning services across Scotland, Johnston Carmichael Wealth has received numerous industry accolades.

As part of the transaction, Johnston Carmichael Wealth will retain its team, who will benefit from the opportunity to progress and grow their careers as part of a larger group. They will continue to work closely with Johnston Carmichael LLP, ensuring continuity for clients while also offering access to an enhanced range of expertise and services as part of PWM and its network. Johnston Carmichael Wealth will also, for the time being, continue to maintain its brand.

Craig Hendry, Managing Director at Johnston Carmichael Wealth 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-positioned to enhance our offering and continue delivering exceptional financial planning advice.”

Mark Houston, Chair and Senior Partner at Johnston Carmichael LLP said: “Today’s deal with PWM brings significant benefits, most importantly for our clients and the Johnston Carmichael Wealth team, supporting their growth as they transition to the PWM brand. With our ambitious growth plans, it’s an exciting time for Johnston Carmichael. This will support investment in our next chapter, creating enduring impact for our clients, people, and the communities in which we serve.”

Commenting on the acquisition, Fiona Oliver, Managing Partner of PWM said: “We are delighted to welcome Johnston Carmichael Wealth to the PWM family. Their strong reputation, deep client relationships, and commitment to excellence make them a perfect fit for our long-term growth strategy. This acquisition allows us to expand our footprint in Scotland while continuing to deliver the high-quality, client-centric service that defines PWM.”

Dean Proctor, CEO of 7IM and Chairman 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.”