Investec Wealth & Investment is set to buy Edinburgh-based Murray Asset Management for an undisclosed sum.
The deal - which is set to complete in September - will see the transfer of 20 staff.
Murray Asset Management was spun-out of law firm Murray Beith Murray in 2008 and now specialises in savings and investments, pensions and insurance options.
Ruthven Gemmell, chief executive of Murray Asset Management, said: “We are very pleased to have the opportunity to become part of the Investec Wealth & Investment business which is similarly 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 the 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, chief executive designate 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, the firm's divisional director of Scotland and Northern Ireland, added: “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.”
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
