UK-based adviser platform Wealthtime is set to be acquired by AnaCap Financial Partners, a European private equity investment firm.
The UK company said it will use the investment to grow the business and improve its technological offer.
Some acquisitions might also be considered as part of its development strategy.
As a result of the deal, current chief executive Jan Regnart and compliance director Colin McCarthy will transition into consultancy roles to help the firm’s transition over the following 12 months.
Patrick Mill will take over the top job, together with Richard Denning as chief operating officer and Dominic Easton as finance director.
The trio will join Wealthtime commercial director Lucy Bristow in the senior management team.
Entering the UK space
Patrick Mill, incoming chief executive at Wealthtime, said: “Over the years, [Wealthtime] has built an enviable reputation among advisers. Now, with the right investment, there is a clear opportunity to scale-up the business transforming the customer experience, enhancing the platform and reaching more of the adviser market.”
Nassim Cherchali, managing director at AnaCap, commented: “The acquisition of Wealthtime represents AnaCap’s first step into the UK wealth management space, with their highly impressive proprietary technology platform being a significant catalyst for the pursuit of this deal.”
The financial terms of the deal were not disclosed.
The wealth platform was founded in 2006 and has around £2bn ($2.5bn, €2.3bn) in assets under administration.
It allows financial advisers to invest and manage Sipps, Isas, general investment account and third-party offshore bonds.