UK wealth manager Charles Stanley has acquired Leeds-based investment manager Myddelton Croft for an undisclosed fee.
The deal will be completed following regulatory approval.
Formed in 2006, Myddleton Croft provides discretionary investment management services and model portfolios to individuals, trusts, pension funds, charities and their advisers.
It had revenues of £1.1m ($1.33m, €1.21m) and funds under management of £96.5m, for the year ending 30 June 2018.
All of the firm’s investment managers will join Charles Stanley.
Patrick Toes, Carolyn Black and Robert Feather will report into Simon Martin, branch manager of Charles Stanley Leeds, and Jonathan Baker, who now has overarching responsibility for Charles Stanley’s northern hub comprising Leeds and Manchester.
Paul Abberley, chief executive of Charles Stanley, said: “[The deal] will further strengthen our presence in Yorkshire and the North East.
“Myddleton Croft’s business model and client base, together with its well-established name and reputation, make it an excellent fit for us.”
Charles Stanley’s Leeds office is currently recruiting for additional investment managers.
The wealth management firm was busy during the month of July, opening an office in Belfast and partnering with Eden Park Investment Management (Epim) to help run its discretionary fund management (DFM) services.