Dyer Baade advises Waverton Investment Management on the acquisition of Cornerstone Asset Management

Waverton acquires Cornerstone Asset Management to expand its integrated wealth proposition

(London/Edinburgh, 14 April 2021) Dyer Baade & Company acted as strategic buy-side adviser to Waverton Investment Management on its acquisition of Cornerstone Asset Management, an established Scottish wealth management and financial planning business.

Founded in 2010 and operating from Edinburgh and Glasgow, Cornerstone provided wealth management and financial planning advice to approximately 1,000 clients and managed around £500 million of assets at the time of the transaction. The business employed 22 people.

The acquisition formed part of Waverton’s strategy to broaden its private-client proposition by combining financial planning with discretionary investment management and to expand its geographic presence in Scotland.

Waverton and Cornerstone already had an established relationship prior to the acquisition. Waverton had managed Cornerstone’s Active Multi-Asset Portfolio range since 2012, giving both businesses a detailed understanding of each other’s investment philosophy, culture and client proposition.

Nick Tucker, then Chief Executive of Waverton Investment Management, described the acquisition as a springboard for the development of Waverton’s private-client offering and highlighted the shared focus on goal-based wealth management and client outcomes.

Alan Reid, Founding Partner of Cornerstone Asset Management, said the two businesses shared a common culture and vision for supporting clients and employees and that the combination would enable Cornerstone to continue its growth plans.

Stuart Dyer, Chairman of Dyer Baade & Company and strategic adviser to Waverton on the transaction, said:

“We were pleased to advise Waverton on the acquisition of Cornerstone Asset Management. The transaction was strategically important because it was not simply about adding assets; it enabled Waverton to broaden its proposition into financial planning, expand its presence in Scotland and create a more integrated offering for private clients.

“Cornerstone combined a strong regional franchise, high-quality financial planning capabilities and an established relationship with Waverton. That made the transaction a compelling strategic fit and provided a strong foundation for Waverton’s longer-term ambitions in integrated wealth management.”

The acquisition subsequently completed in September 2021 following regulatory approval. Companies House records Waverton Investment Management Group becoming the person with significant control of Cornerstone on 13 September 2021.

Using M&A to build strategic capabilities

For Waverton, the acquisition was a strategic capability-building transaction rather than a conventional bolt-on.

The combination enabled Waverton to add financial planning capabilities to its established investment-management proposition, strengthen its regional presence in Scotland and develop a more integrated offering for private clients and entrepreneurs.

Waverton’s 2022 Annual Report subsequently described the Cornerstone acquisition as a key part of its strategy to build its direct-to-client approach, noting that the business - rebranded as Waverton Wealth - had become instrumental in delivering Waverton’s integrated wealth proposition.

This is precisely the type of mandate where strategic buy-side advice extends beyond identifying a target. The key question is whether an acquisition adds capabilities, strengthens the proposition and supports the buyer’s longer-term strategic objectives.

A strategy that continued to deliver

The subsequent development of the business provides strong evidence of the strategic rationale behind the transaction.

Following completion, Cornerstone was rebranded as Waverton Wealth and became the foundation of Waverton’s Scottish wealth-planning operation. Waverton’s annual reporting stated that the acquisition helped drive growth in its private-client business and supported the delivery of integrated wealth planning and investment management.

Waverton later merged with London & Capital, with the combined group adopting the W1M brand in 2025. The business originating from the Cornerstone acquisition now operates as W1M Scotland. In February 2026, W1M announced that its Scottish business had surpassed £1 billion of AUM, approximately double Cornerstone’s assets at the time of the original acquisition.

That growth illustrates how a well-selected strategic acquisition can create value well beyond the initial transaction by adding capabilities, strengthening client proposition and providing a platform for further expansion.

Dyer Baade’s role

Dyer Baade & Company acted as strategic buy-side adviser to Waverton throughout the transaction.

The mandate involved assessing the strategic rationale for the acquisition, supporting Waverton’s evaluation of the opportunity, advising on transaction structure and valuation, and providing strategic and commercial advice through negotiation and completion.

The transaction demonstrates Dyer Baade’s ability to advise buyers not only on executing acquisitions, but on using M&A as a tool to build capabilities, enter new markets and strengthen long-term competitive positioning.