The Birmingham office of law firm Mills & Reeve has advised Helvetia Wealth AG on the acquisition of Scotland’s largest independently owned firm of financial advisers (IFA), for £5 million.

Helvetia Wealth, an asset management business headquartered in Zurich, with seven offices in Europe and one in Mauritius, has taken over Dunedin Independent.

Dunedin is ranked in the top 100 wealth management companies in the UK with managed funds in excess of £350 million.

The acquisition will strengthen Helvetia’s position in the UK.

Vice chief executive Guy van der Walt, said: “We are now able to boast more than 80 employees from our UK offices alone and anticipate that our proposition of international fund management centred in Switzerland with access to Swiss wealth management services will prove attractive.”

Ben Turner, associate at Mills & Reeve in Birmingham, led the team advising Helvetia. He said: “The Dunedin transaction constitutes our third acquisition in nine months for Helvetia and reflects both their appetite and capacity to acquire good businesses.”