Ernst & Young Financial Management (EYFM) has suffered dwindling revenues and falling profits over the past few years along with the rest of the IFA sector.
The IFA arm, founded in the mid-eighties, has seen operating profit fall from 192,000 for the year to June 2001 to an operating loss of £180,000 for the year to June 2003.
E&Y said the sale was part of its strategy to concentrate on its core business.
All 121 staff will transfer to Cavanagh, also a high net worth IFA, in a reverse takeover that will give the combined company a head count of 206.
EYFM has 3,500 clients, including 500 current and former partners of Ernst & Young.
The average cost of fraud increased 35.4% to £3.9m in 2016, compared to 2015 data
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal