M and A
M&A Continues In UK Wealth Management Sector As New Hook-Up Is Announced
Ingenious Asset Management and Thurleigh Investment Managers have announced a merger agreement which is part of a number of M&A transactions in the UK wealth sector.
Ingenious
Asset Management and Thurleigh
Investment Managers have announced a merger agreement, due to
complete on 30 April and which is part of a number of M&A
transactions in UK wealth management.
The firms will combine their investment teams with a total of
£1.8 billion ($2.98 billion) in discretionary private client
assets and platform based model portfolios, they said in a
statement yesterday.
"The partners of Thurleigh Investment Managers and the majority
of its staff will join Ingenious Asset Management. All the people
critical to a continuation of the service Thurleigh provides to
its clients will be retained," a spokesperson for Thurleigh told
this publication when asked about potential impact of the deal on
jobs.
The transaction, terms of which weren’t disclosed, has been
approved by the Financial Conduct Authority, the UK financial
regulator, the statement said.
Guy Bowles, founder and chief executive, will continue in this
position. David Rosier will continue as chairman of Thurleigh.
Charles MacKinnon, co-founder and chief investment officer of
Thurleigh, will become part of the merged firm’s portfolio
steering group, which sets the investment strategy across the
whole firm.
Among other examples of industry M&A was the recent move by
Rathbone Brothers, the UK-listed wealth manager, to acquire two
new divisions. It has bought Jupiter Fund Management’s private
client and charity investment business and the London-based
private client wealth business of Tilney Asset Management -
previously owned by Deutsche Bank.
