London-based corporate finance business Craven Street Capital (CSC) has unveiled its wealth management business.
As part of the launch, the firm acquired Canterbury-based Kreston Reeves Financial Planning (KRFP) and London-based Christchurch Investment Management (CIM) for an undisclosed sum.
This will help create Craven Street Wealth, which will have approximately £850m ($1.2bn, €983m) of assets under management and advice.
Kreston Reeves Financial Planning
KRFP has been a subsidiary of accounting firm Kreston Reeves for the last 20 years, having been established over 30 years ago.
Under the terms of the acquisition, KRFP will continue to operate with the same branding for up to two years.
All staff will continue in the business, offering the same client proposition to clients. In particular, the management team comprising David Hurst, Julia Parsons, Tom Barnett and Tim Maakestad will remain as directors of the business.
KRFP and Kreston Reeves will form a joint venture to continue to offer financial planning services to shared clients. KRFP has 26 members of staff operating from offices in Canterbury, Horsham, Chatham, London and Sandwich.
Christchurch Investment Management
CIM is run by managing director Anthony Walters.
The business operates from offices in the City of London and provides financial planning and discretionary fund management services.
The nine-person team will remain with the business, which will continue to use the Christchurch Investment Management brand.
Walters and director David Thornberry will remain on the board of the company.
Funding for the transactions is being provided by challenger bank Shawbrook Bank.
‘Make further acquisitions’
Soondra Appavoo, chief executive of Craven Street Capital, said: “We are delighted to have acquired Kreston Reeves Financial Planning and Christchurch Investment Management to create Craven Street Wealth. Both businesses are well established with a real focus on client outcomes.
“We believe there are real opportunities for the two business to work together for the benefit of clients.
“We plan to work with the team to make further acquisitions over the next few years to create a substantial challenger in the financial planning and wealth management market.”
