Aberdeen-headquartered Johnston Carmichael Wealth acquired by London firm

Partners Wealth Management (PWM) has confirmed all 60 Johnston Carmichael Wealth employees will move over as part of the deal.

By Liza Hamilton

March 4 2025, 12:02 am

Partners Wealth Management has struck a deal to acquire Johnston Carmichael Wealth. Pictured are Dean Proctor, Craig Hendry, Fiona Oliver, Mark Houston. Image: Partners Wealth Management

Aberdeen-headquartered Johnston Carmichael Wealth has been acquired by a London firm looking to expand its presence in Scotland.

The Albyn Place financial planner is the wealth management arm of Johnston Carmichael, Scotland’s largest firm of independent chartered accountants and business advisors.

It manages approximately £855 million in assets for around 1,500 private clients.

This includes work on financial planning, investment, retirement planning, estate planning, and business protection.

As part of the deal, Johnston Carmichael Wealth will retain its existing team of 60 employees, led by managing director Craig Hendry.

It will maintain its brand for the time being.

And will continue to work closely with Johnston Carmichael LLP, to ensure continuity for clients.

Johnston Carmichael Wealth deal

Following today’s acquisition PWM will now look after combined assets totalling £6 billion on behalf of 5,500 private clients.

“Joining PWM, and the wider 7IM group, provides an exciting opportunity for our firm to grow while maintaining the values and service our clients expect,” said Mr Hendry.

“With access to PWM’s extensive resources, investment solutions, and technology, we are well-positioned to enhance our offering.”

Craig Hendry, managing director of Johnston Carmichael Wealth. The Aberdeen firm has been named top financial adviser in Britain for three years running. Image: Johnstone Carmichael Wealth

Mark Houston, chair and senior partner at Johnston Carmichael LLP said the deal marks an exciting time for the firm.

“Today’s deal with PWM brings significant benefits most importantly for our clients and the Johnston Carmichael Wealth team, supporting their growth as they transition to the PWM brand,” he said.

“With our ambitious growth plans, it’s an exciting time for Johnston Carmichael.

“This will support investment in our next chapter, creating enduring impact for our clients, our people, and the communities in which we serve.”

Expanding footprint in Scotland

Meanwhile, Fiona Oliver, managing partner at PWM said the acquisition would allow it to expand its footprint in Scotland.

She added: “Johnston Carmichael Wealth has a long-standing reputation for excellence, and their commitment to client relationships and innovative financial planning makes them an ideal partner.

“We’re thrilled to welcome them to the PWM family.”