The asset management arm of London-listed banking group Close Brothers has bought Mackay Stewart & Brown.

Close Brothers Asset Management has acquired Edinburgh-based chartered financial planning firm Mackay Stewart & Brown.

The deal, subject to approval from the UK's Financial Conduct Authority, was for an undisclosed sum.

“The acquisition of Mackay Stewart & Brown reinforces our commitment to build a leading integrated wealth management business in the UK,” said Close Brothers Asset Management's chief executive, Martin Andrew.

“We look forward to working with our new colleagues and welcoming new clients to Close Brothers Asset Management. Our priority remains the delivery of high quality financial advice and investment management, coupled with the highest level of client service.”

Last month, Close Brothers Asset Management reported robust performance for the half-year ending January 2015, including a 59 per cent year-on-year climb in adjusted operating profit to £5.1 million ($7.7 million).

“The deal gives our clients continuity of the high standard of service to which they are accustomed, plus access to Close Brothers Asset Management’s range of specialist financial planning services and investment expertise – a great outcome for everyone involved,” said the managing director of Mackay Stewart & Brown, John Mackay.