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05 May 2021

Charles Russell Speechlys advises Waverton on acquisition of Cornerstone Asset Management

Charles Russell Speechlys has advised Waverton Investment Management Group on its acquisition, subject to regulatory approval, of Cornerstone Asset Management LLP. 

Established in July 2010 and with offices in Edinburgh and Glasgow, Cornerstone offers wealth management and financial planning advice. The addition of Cornerstone, which has some 1,000 clients and advises on c£500m of assets under management, will expand Waverton's regional footprint and will allow for an augmented service proposition, integrating wealth planning and discretionary investment management for clients.

Waverton 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. Many thanks to the Financial Services Group transactional team at Charles Russell Speechlys for their invaluable support throughout the transaction. Their sector expertise was key to helping to get the deal over the line."  

Andrew Clarke, Corporate Partner at Charles Russell Speechlys, said: “This has been a great collaboration with Waverton for us. It plays to our strengths in the investment and wealth management sectors, and has highlighted the many synergies between our respective firms in our work for private clients. We look forward to continuing and broadening the relationship.”

David Hicks, financial services Corporate Partner at Charles Russell Speechlys, said: “We were delighted to work with Waverton on this deal to help them achieve the next step in their growth strategy. We have a strong focus on the wealth and investment management sectors both in respect of transactional and advisory work, and hope to have further opportunities to support Waverton in the future.”

The Charles Russell Speechlys team was led by Partners Andrew Clarke and David Hicks and Senior Associate Charlie Ring, with support from James Scott (Corporate), Helen Coward and Anna Reynolds (Tax), Mark Bailey and Christina Fleming (Commercial), Jessica Arrol Caws (Financial Services), Kelly Evans (Employment) and Michael Jones (Pensions).