Southport-based Ludlow Wealth Management has acquired Scottish financial management business Whyte Sharp as it looks to increase its business in Scotland.

Ludlow advises clients across the UK and has more than £850 million of assets under management.

Whyte Sharp, which has offices in Edinburgh and St Andrews, was acquired by Ludlow for an undisclosed sum.

Former owner Gary Whyte will retire while his business partner David Watson will continue to run the St. Andrews office of Whyte Sharp as a stand-alone operation.

It recently completed a management buyout with the support of Mobeus Equity Partners — and Ludlow’s managing director Ian Hemingway has become the firm’s new chief executive.

Ludlow consultants Darren Scoon and Chris Mcleod will be based at the Edinburgh office and will be looking to grow the firm’s presence throughout Scotland.

Rachel Morrison, previously with Whyte Sharp, will join Ludlow’s client support team.

Ludlow CEO Ian Hemingway said: “We have had a long-term plan that will see Ludlow become one of the UK’s leading wealth management business.

“Following the recent management buyout, we have been given a clear mandate and the resources by Mobeus to ensure this objective is achieved. 

“We have long identified that Scotland offers us valuable growth and have always regarded Whyte Sharp as a firm that shares the same business principles and client philosophies.

“We’re now looking forward to a new chapter in our growth following the acquisition and look forward to working with our clients across Scotland.”

Gary Whyte said: “Over the past three to four years, we have had a number of approaches from several financial institutions wishing to acquire the business.

“After considerable effort, I have found a firm in Ludlow Wealth Management, which has similar client values and work ethos to mine and therefore will be best suited to the financial requirements of my clients.

“Ludlow has a very strong Scottish arm and a most progressive outlook.

“Its approach and values are consistent with those of Whyte Sharp and I am confident that clients will enjoy and benefit greatly from their expertise and innovative approach.”