Leicester-based wealth management firm Mattioli Woods plc said on Friday it acquired Glasgow-based financial planning firm Turris Partnership from its shareholders for £1.6 million.  

Turris has over £65 million of assets under advice.  

Turris was established in 2003 and its Glasgow team will be retained by Mattioli Woods following the acquisition.  

Turris Partnership MD Brian Steeples said: “The additional resources and support available as part of Mattioli Woods will benefit clients and staff and we very much look forward to this exciting new phase.”

Mattioli Woods CEO Ian Mattioli said: “We put a great deal of thought into any acquisition that we consider, as it is so important to make sure it is a good cultural fit. 

“We are very pleased that Brian and his team are joining Mattioli Woods. 

“It is an important acquisition for us, as we have been looking to expand our operations in Scotland and opportunities to acquire such a well-respected business don’t come along every day.”