Capital G Investments has merged with fellow Bermuda-based firm Kast Investment Management in a deal which brings the combined entity’s total assets under management to over $650 million. Terms of the deal were not disclosed.

Kast Investment Management brings with it some $250 million in AuM and 250 clients, taking the combined business’ client base to over 400. Kast also has relationships with a number of international fund managers, including GAM, Schroders, Barings, Fidelity and JP Morgan Fleming.

Anne Kast, who founded Kast Investment Management in 1991, has committed to working with Capital G for at least three years to ensure a smooth transition, although an extension of her tenure is a possibility, the firm said in a statement. Kast Investment Management will relocate to Capital G’s offices later in the year.

"The amalgamation is part of a long-term strategic plan to grow our investment business while providing clients of the Capital G Limited Group, which includes private banking, investments and trusts, with access to best of breed investment advice, global reach, diversification of instruments and an expanded investment management network. KAST provides Capital G with a unique opportunity to become affiliated with a strong performing and well-established investment business," said Joel Schaefer, president and chief executive of Capital G Investments.