Sweden-headquartered Söderberg & Partners has agreed to close a share issue which raised around €200m (£171m, $218m).
The investment is being provided by investment firm KKR, an existing minority investor since 2019.
Following the share issue, Söderberg & Partners will continue to be controlled by its founders and supported by its two significant minority shareholders KKR and private equity firm TA Associates.
Söderberg & Partners will use the capital injection to facilitate and support ongoing expansion, particularly across the UK and Spain.
In February 2023, Söderberg & Partners announced it was setting up an independent financial advice and investment management business in the UK under the sub brand Söderberg & Partners Wealth Management.
The wealth firm appointed Bill Vasilieff and Nick Raine as chairman and chief executive of the operation. Vasilieff was co-founder and chief executive of platform Novia, and Raine was former chief operating officer for Novia.
Raine said: “This fundraise represents Söderberg’s significant commitment to future growth here in the UK. Since our launch earlier this year, we have received a phenomenal response from adviser firms who are keen to find out more about what our proposition can offer.
“With technology in our market advancing rapidly, we are excited to be operating in such a dynamic space. We anticipate our UK partner firms will benefit from our unique blend of extensive UK platform expertise, coupled with Swedish culture and systems, as we continue to grow.”
Gustaf Rentzhog, chief executive and co-founder of Söderberg & Partners, said: “We have just established Söderberg & Partners in the UK, a £10trn ($12.7trn, €11.7trn) wealth management market. This is an exciting time to be in the UK where quality standards and customer outcomes in the financial services space have never been higher.
“We are confident, that with our technology and our partnership model, we are bringing a competitive offer that will fill a gap in the current market and help improve both efficiency and quality for the advisers that chooses to partner with us. As our journey continues, we anticipate becoming one of the leading players in and become one of the leading players in this market within the coming years.”
Söderberg & Partners currently has advice operations in Sweden, Norway, Denmark, Finland, and the Netherlands. Out of these countries, it offers wealth management advisory services under the Söderberg & Partners Wealth Management sub brand in Sweden and Norway.