The firm's managing director is John Mackay CFP^CM. It specialises in advising private clients throughout the UK on their investments and pension plans.

The sale is subject to Financial Conduct Authority approval. The fee has not been disclosed.

Mr Mackay, said: "The deal gives our clients continuity of the high standard of service to which they are accustomed, plus access to Close Brothers' range of specialist Financial Planning services and investment expertise – a great outcome for everyone involved."

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Martin Andrew, Close Brothers chief executive, said: "The acquisition of Mackay Stewart & Brown reinforces our commitment to build a leading integrated wealth management business in the UK.

"We look forward to working with our new colleagues and welcoming new clients to Close Brothers.

"Our priority remains the delivery of high quality financial advice and investment management, coupled with the highest level of client service."

Andy Cumming, Close Brothers head of advice, said: "I am delighted to announce the acquisition of Mackay Stewart & Brown which will further strengthen our integrated wealth presence in Scotland. As former winners of New Model Adviser of the Year, MSB are a perfect fit for us: client centric, chartered, and professionally managed. We are keen to hire more high-calibre financial advisers as we aim to be the 'go to firm' for professional integrated wealth management."