The deal sees accountancy firm Johnston Carmichael LLP divest its wealth management arm, Johnston Carmichael Wealth, although the firms will continue to work closely together to ensure continuity for clients and future cross-sell and service opportunities.

Starting out with just four founders in 2004, Partners Wealth Management (PWM) has grown to a 35 plus partner firm with over 170 staff. It currently looks after around £5bn of private client assets and had annual revenue of £22.7m for year end December 2023.

As part of the transaction, Johnston Carmichael Wealth will continue to be headed up by Craig Hendry, current managing director and a highly experienced chartered financial planner who has been a director since 2005, while the team of 60 will all remain with the business.