The deal takes the total assets under management of CSMW, which has offices in London, the Isle of Man, Geneva and Jersey, to £6.8bn and goes some way to achieving the firm’s stated goal of achieving £10bn of assets under management by 2012.
ACL focuses on the upper end of the high net worth market, with its client base incorporating professional advisers and senior corporate executives. Its ‘high-touch’ service proposition is based around a holistic approach to wealth management incorporating both discretionary portfolio management and financial planning.
The purchase is the second Collins Stewart has made this year following its deal to buy Guernsey and Geneva-based investment management firm Corazon Capital Group for up to £6m.
Neil Darke, head of CSWM, said: "While ACL will provide us with critical mass and resource to our London business, with both the addition of significant discretionary assets under management and a one-off addition of a financial planning capability, Collins Stewart provides ACL with a significant enhancement to its back office, investment and corporate functional capabilities.”
Chris Wozniak, Chief Executive, of ACL, added: “When the business first discussed succession plans, various criteria were imposed upon the board, including seeking a firm that would significantly add value to our existing proposition and would maintain that proposition for our clients. In Collins Stewart, we have been very impressed with the hands-on, practical and no nonsense approach and we firmly believe we have found the right partner to ensure that our clients continue to receive the high level of service they expect.”