According to media reports, Marlborough said it would rebrand Apollo early this year, probably to Marlborough International Fund Managers.

A spokeswoman for Marlborough said the acquisition had gone ahead but could not immediately elaborate on the financial size of the deal when contacted by WealthBriefing.

Marlborough has about £700 million ($1.2 billion) in gross funds under management, according to its website. Apollo has more than $50 million of assets.

Reports said the firm will also restructure Apollo's four portfolios. In particular, Marlborough will revise the remit of the Apollo Californian fund early next year and said it would most likely convert it into a pan-US offering.

Elsewhere, Guinness Atkinson Asset Management will run the Apollo Tiger fund, an Asia Pacific vehicle. Marlborough Investment Management will continue to manage the Cautious and Balanced funds of funds.

According to its website, Apollo runs four funds.