IMAS acted as the exclusive financial adviser to Murray Asset Management Limited (MAM) on its sale to Investec Wealth & Investment, which will acquire 100% of MAM, subject to FCA approval.
MAM is an Edinburgh-based wealth management business which provides investment management and financial planning services to individuals, trusts and charities. Having originally been an investment management department within the Scottish private client law firm Murray Beith Murray, MAM was spun out as a separate and regulated entity in 2008 under the leadership of Ruthven Gemmell. Since then, it has grown to 20 employees providing the bulk of its clients with discretionary portfolio management services.
Investec Wealth & Investment is one of the UK’s leading wealth managers with over £44.3bn AUM, as at May 2022. It is a member of the London Stock Exchange and the Investec Group, the international banking and wealth management group. The acquisition of MAM forms part its ambitions to provide financial advice to clients across the country.
IMAS was retained by MAM, being responsible for planning and managing the entire transaction process, including the initial preparations, approaches to and discussions with prospective buyers through to the ultimate closing of the transaction. Our work included a comprehensive review of the wealth management sector, specific valuation advice and assisting in the detailed negotiations on the initial and final terms of the deal.
Commenting on the sale, Ruthven Gemmell, Chief Executive of MAM, said: “We are very pleased to have the opportunity to become part of the Investec Wealth & Investment business which is client-focused, highly regarded in the market, and has a similar investment approach. By joining forces with Investec, we believe our clients will benefit from enhanced services. This is the next logical step for the development of our business and we are looking forward to becoming part of the Investec team.”
Barbara-Ann King, Deputy CEO of Investec Wealth & Investment, said: “We have ambitious growth plans to build Investec Wealth & Investment into a business that is truly market-leading and delivers a best-in-class client experience. The acquisition of Murray Asset Management is an integral part of our strategy to enable us to deliver our financial advice services to more clients throughout the UK.”
Leigh Yeaman, Divisional Director of Scotland and Northern Ireland at Investec Wealth & Investment, commented, “Our team in Edinburgh is looking forward to welcoming everyone at Murray Asset Management and working with them to grow our combined business in the region.”