UK financial advisory business Foster Denovo has acquired part of London & Capital’s UK wealth business.
The financial terms of the deal were not disclosed.
The servicing of London & Capital’s UK client portfolios will be transferred to Foster Denovo, with two advisers moving across to join the firm.
Whilst there will be no change to any clients’ portfolios, or their charges initially, it is expected these clients will be able to benefit from Foster Denovo’s financial planning offering in addition to its wealth management solutions.
Roger Brosch, chief executive of Foster Denovo said: “Having been engaged in extensive discussions with the London & Capital senior management team for some time, I am confident that we share the same values and believe their clients and the relationship team will be a natural cultural fit.
“Our passion for client service is similarly held by London & Capital, and our award winning proposition will enable advisers to offer a broader range of services to ensure their clients’ achieve all their financial goals.
London & Capital is a London based wealth manager firm with £3bn ($3.82bn, €3.4bn) assets under management, offering a range of wealth and asset management services to private and institutional client segments.
Focus on core strengths
Guy McGlashan, chief operating officer of London & Capital said: “In recent years, we have taken deliberate steps to focus our business more keenly on our core strengths – particularly across more international specialist segments in the private client market and our distinct institutional business.
“Transferring our UK wealth clients to Foster Denovo is the next step in this strategy and we strongly believe that Foster Denovo will continue to provide our UK Wealth clients with an excellent service and provide a good home for them and the advisers transferring with them.
“We look forward to working closely with Roger and the rest of the senior team at Foster Denovo to ensure a smooth transition for these clients and their advisers.”
This deal follows Foster Denovo’s acquisition of Kent firm Orchard Wealth Cultivation in February.
The firm expects a number of further deals expected in 2019.
Foster Denovo’s Brosch added; “This is our second acquisition this year following the successful purchase of Orchard Wealth in February.
“Our growth strategy is clear, we are well positioned for further deals and intend to be a facilitator in the market, able to offer a compelling option for businesses who put the interests of clients and staff high on their list of deal priorities.”