The latest mergers, acquisitions and other corporate actions in the wealth management sector.

MHA, Cave & Sons
MHA MacIntyre Hudson, part of MHA, the UK accountancy group, announced that it is boosting its tax, advisory and wealth services by buying a majority stake in Cave & Sons, the independent financial advisory firm. 

The transaction has been cleared by the Financial Conduct Authority. Under the terms of the deal, Cave & Sons will be renamed MHA Caves Wealth.

MHA Caves Wealth will continue to serve all its existing clients while forming a core part of MHA MacIntyre Hudson’s comprehensive private wealth offering, it said in a statement. 

The move puts Cave & Sons into a group boasting a total of 106 partners and 1,152 staff.

Led by Simon Harvey, Cave & Sons was founded in 1906. 

Schroders
London-listed Schroders has completed its purchase of a 75 per cent stake in Greencoat Capital, a European investment manager focused on renewable infrastructure. The business operates across the UK and Ireland. 

Greencoat, which will become part of Schroders Capital, Schroders’ private markets division, will be known as Schroders Greencoat.

Schroders Greencoat, which has delivered assets under management growth of more than 48 per cent per annum over the past four years, now oversees £6.8 billion ($8.86 billion).

Via the transaction, which was originally announced in December 2021, Schroders agreed to acquire a 75 per cent shareholding in Greencoat for an enterprise value of £358 million. The deal included a potential earn out, payable three years after completion, which is subject to stretch revenue targets; it included the continued employment of the senior management team in the Greencoat business, capped at £120 million.