Boutique fund management and advisory firm iimia is merging with Exeter Investment Group in a deal which boosts their combined assets under management to around £500m.
The deal, which will result in the merged company, called iimia Investment Group, listing on Aim in August, will create a business with four divisions – third-party admin, fund management, financial planning and private client management.
The enlarged fund management arm will be located in Exeter, where iimia, which launched in April 2002, already has offices. Current iimia head of financial planning Bruce McIntosh will become managing director of investment services while its executive chairman William Long retains his position for the merged group.
With £288m under management, iimia is the bigger partner. Exeter, which sold the contracts of 13 unit trust and Oeic sub-funds to New Star last August, has around £180m. Exeter brings to the deal six investment trust clients and one segregated portfolio in addition to its third-party admin business. Long says: “The quality of Exeter's fund management team and third-party admin will be an excellent complement to iimia's investment management and advisory expertise.”
Exeter admin director Paul Austin says: “We are very excited about the future of our combined businesses which will create an ideal platform to build on our strengths. It is good news for our clients, employees and shareholders.”