Swiss asset manager Helvetia acquires Dunedin Independent in £4m deal

SCOTLAND'S largest privately owned independent financial adviser has been acquired by the Swiss and Liechtenstein-based asset management firm, Helvetia Wealth in a deal thought to be worth about £4 million.

Edinburgh-based Dunedin Independent has grown to become one of Britain's top 100 wealth management firms since its formation in 1994.

The company specialises in providing bespoke investment management to wealthy individuals and has more than 350m of funds under management.

Chairman and majority shareholder, Edinburgh businessman Mark Emlick, will step down from the business following the deal, while current managing director Yuill Irvine, also a Dunedin shareholder, will continue to head up the business's operations in Edinburgh.

Edinburgh businesman Graham Barnet, chief executive of stock market-listed asset management group Sigma Capital, is also a shareholder. Dunedin has about 30 staff who will stay with the business.

Emlick said: "We are very proud of the progress and growth of Dunedin, particularly during a difficult economic climate. We have an extremely strong and talented management team, a strong compliance regime and a loyal client base. Many of the staff have also been with us for a considerable period.

"Helvetia has recognised these strengths and will be a perfect partner for Dunedin, providing a strong platform for our clients and an excellent opportunity for our staff to develop.

"Being part of a leading European company such as Helvetia with its excellent fund management credentials will reinforce Dunedin's offering and I am sure the business will go from strength to strength.

"I wish Helvetia and Dunedin every success and look forward to seeing the business continue to grow and be a flourishing part of Scotland's wealth management sector."

Emlick aims now to concentrate on his other interests in property investment and private equity.

With its headquarters in Zurich, Helvetia also has offices in Liechtenstein, Dublin, Geneva, Glasgow, Hamburg, London and Mauritius. It will have more than 100 professionals in its three UK offices and owns a controlling stake in London-based TAM Asset Management with a London Stock Exchange brokerage licence allowing it to execute trades faster at better margins. Helvetia believes the amalgamation will introduce a range of cost-attractive synergies and offer clients access to Swiss banking facilities.