Helvetia Wealth, the Zurich-based wealth management firm, has purchased the Scottish financial advisory firm Dunedin Independent in a deal reported to be worth about £4 million (around $6.14 million), according to media reports.

Edinburgh-based Dunedin Independent has grown to become one of Britain's top 100 wealth management firms since its formation in 1994, overseeing more than £350 million for high net worth clients.

Under the deal, Dunedin Independent’s chairman and majority shareholder, Edinburgh businessman Mark Emlick, will step down from the business. The current managing director Yuill Irvine, also a Dunedin shareholder, will continue to head up the business' operations in Edinburgh.

Dunedin has about 30 staff who will stay with the business, reports added.

This is the latest UK acquisition by Helvetia. Earlier this year, its chief executive, Kamil Stender, told this publication that it was continuing its “aggressive acquisition strategy”.

Helvetia Wealth – founded around five years ago – has bought firms such as Glasgow-based City Gate Money Managers along with a controlling stake in London-based TAM Asset Managements. It has also acquired a strategic stake in Dahl & Partner Vermögensverwaltung, the former media group Axel Springer family office in Hamburg.