Benchmark Capital, owner of the Fusion platform, the Best Practice network and IFA Aspect8, has taken a 49 per cent stake in fund ratings group Rayner Spencer Mills Research.
The deal is subject to regulatory approval. Benchmark Capital, in turn, previously sold a 65 per cent stake to Schroders, with the asset management company upping its stake in the business to 77 per cent on 25 May this year.
RSMR will remain independent after the deal and its staff body unchanged.
RSMR joint managing director Ken Rayner says: “We see this investment as the next phase in our plans to further cement RSMR as the leading independent fund rating and research agency.
“At the end of another year of growth for RSMR, this is a great development, which allows for further expansion of our influence in the advisory sector.”
Benchmark Capital chief executive Ian Cooke says the two businesses have already been working together for several years.