Philadelphia-headquartered private equity firm Lovell Minnick Partners (LMP) has acquired a majority stake in UK-based wealth and asset manager London & Capital.
Under the agreement, the wealth company will continue to be led by its management team.
The financial terms of the deal were not disclosed, but the two firms said that London & Capital’s management will retain a “significant minority stake”.
The wealth manager serves international ultra-high net worth and high net worth individuals in the UK, some of whom have connections to the US.
London & Capital has 120 members of staff – including 50 investment professionals and financial advisers – and more than 800 private and institutional clients. It has £4.1bn ($5.1bn, €4.8bn) in assets under management.
Guy McGlashan, chief executive at London & Capital, said: “We chose to partner with LMP because of the firm’s excellent track record of working with management teams to scale and enhance wealth and asset management firms. Their deep experience in the space and our sense of shared values and culture align with our focus on providing an exceptional service and experience for our clients.
“We are at an exciting point in our evolution as a firm, and attracting the private investment plus the operational support LMP offers, will allow us to expand our client solutions, grow internationally, invest in technology, and bring on new teams. We look forward to working closely with the LMP team.”
The deal is expected to close in Q4 2022, subject to customary approvals.