The investment house is withdrawing from Scotland in a restructure that will also see the departure of its wealth management director.

Thomas Miller Investment has combined its UK private investment management (UK PIM) business with the investment management arm of its wealth management business. As part of the restructure, the firm will shut down its office in Edinburgh, Scotland.

TMI launched its UK PIM business in 2012 as a provider of discretionary investment management services. The investment management arm of TMI’s wealth management business provides a managed portfolio service and was established following the firm's acquisition of Broadstone Wealth Management in 2014.

The combined business, based in TMI’s London office, will be led by Andrew Herberts, head of the UK PIM business. He has been appointed UK head of private client investment management and will split his time between London and the firm's Newcastle office. 

TMI’s existing Edinburgh office will close. Paula Eddery, director of the wealth management business, who previously ran the managed portfolio service, and Scott Baikie, senior portfolio manager within UK PIM, will leave the business.

“There has been strong and increasing collaboration between our two UK private client businesses and combining them is a natural evolution for the TMI Group. This will enable us to provide a full range of discretionary services to our private clients and leverage the significant investment and operational resources available from the broader TMI Group,” said Hugh Titcomb, chief executive of TMI.

“We will be sorry to see Paula and Scott leave the business and are very grateful to them for the contribution they have made.”

Titcomb, Brown Shipley's former head of private banking, became CEO in January this year, replacing Mike Balfour, who left after five years at the helm.

TMI, which also has offices in Birmingham, Southampton and the Isle of Man, has total assets under management of £3 billion ($4 billion).