Following the transaction, terms of which were not disclosed, Tilney Bestinvest’s assets under management and administration have increased to £11.2 billion ($16.4 billion), predominantly in managed portfolios. Ingenious has been renamed Tilney Asset Management and its staff have relocated to Tilney Bestinvest’s offices in Mayfair, London.

Guy Bowles, formerly chief executive of Ingenious, is now Tilney's head of investment management (London).

“The team at IAM are very high quality professionals and their investment approach is complementary to our own so we believe this represents an excellent combination. Importantly it significantly bolsters our investment management team in London and further deepens our presence in the high net worth and ultra-high net worth client segments,” said Peter Hall, CEO of Tilney Bestinvest.

The deal continues what has been a busy period of merger and acquisition activity for Tilney Bestinvest, which was born out of a merger between Tilney and Bestinvest in 2014. Last month, the group announced it is to acquire fellow UK wealth manager Towry for £600 million. The acquisition, which is subject to regulatory approval, will create a combined business with more than £20 billion of affluent and high net worth client assets.