London-Based Waverton Investment Management Group announced it has acquired Scottish-based wealth planner Cornerstone Asset Management, subject to regulatory approval.

Established in July 2010 and with offices in Edinburgh and Glasgow, Cornerstone offers wealth management and financial planning advice.

With about 1,000 clients, Cornerstone advises on £500 million of assets under management (AUM) and has a team of 22.

Waverton Investment Management CEO Nick Tucker said: “We have known Cornerstone for some time, having managed their Active Multi-Asset Portfolio range since 2012.

“They have built a highly-regarded growth business over the last decade and the broadened proposition is a demonstration of our shared belief that ‘if it works for clients, it works for us’.

“The acquisition is testament to our belief in goal-based wealth management and will provide a springboard for the development of our service offering for private clients, and entrepreneurs in particular.”

Alan Reid, Founding Partner, Cornerstone Asset Management said: “We are thrilled to be joining the Waverton Group, which has an excellent reputation and shares our culture and vision on how best to support clients and employees.

“They are a very forward thinking and ambitious organisation who share our core belief that successful outcomes for clients are our primary focus.

“This is an exciting development for our team and means we can continue to expand our growth plans even further.”