Close Asset Management has added Scottish accountancy and professional services firm Scott-Moncrieff to its clutch of recent acquisitions. The terms of the deal have not been disclosed.

Scott-Moncrieff Wealth Management, which has offices in Edinburgh and Glasgow, provides investment management and tax and estate planning services for high net worth individuals. It is led by directors Andrew Cumming and Raymond Ellis and has a total headcount of ten; all staff are expected to move over to Close.

“This acquisition is in line with Close Brothers’ strategy of building scale in its private clients business,” a spokesperson for the firm told WealthBriefing.

Close has been busily acquiring smaller firms ahead of the implementation of the Retail Distribution Review at the start of 2013. Earlier this year it acquired the regional IFAs Allenbridge and Cavanagh; the former brought in £440 million ($692 million) of execution-only assets and the latter business comprised £1.5 billion of advised client assets.