Wellian describes itself as has having been "founded to partner financial advisers".

The fee of the takeover has not been disclosed.

In a statement, the firms said: "The established resources and processes of Wellian will be further enhanced by Harwood's additional fund management, asset allocation, manager selection and distribution capabilities.

"Alan Durrant will be chief executive officer and Richard Philbin will be chief investment officer, working alongside Wellian investment director Chris Mayo."

Wellian bosses said they hoped to "maintain a clear sense of identity and continue to build on the strong local support that it has amongst the financial adviser community".

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Eric Clapton, managing director of Wellian, said: "This represents a hugely positive step in the evolution of Wellian.

"The growing number of independent financial advisers introducing their clients to Wellian will undoubtedly see this as adding to the strength in depth for the business.

"We are particularly excited about the addition of the discovery funds which complements our current award-winning offering".

Mr Durrant said: "We are delighted to have concluded this important acquisition. We have been working hard to create a holistic wealth management business and Wellian is a critically important part of this.

"Wellian is an excellent fit for our business bringing discretionary portfolios managed on a wide range of the platforms supported by advisers."