BNP Paribas Investment Partners has acquired London based multi-manager IMS Group.
The move will see IMS’s £5.1bn assets under management and advisory joining BNP Paribas’s FundQuest multi-manager brand creating total assets under management of £37bn.
The combined business will comprise of over 210 employees including 48 investment professionals operating on a global basis in Boston, London and Paris.
IMS managers Richard Timberlake and Peter O’Connor will continue to be actively involved in the investment management of IMS and stay on as directors.
Anthony John will remain as chief executive of IMS and report to Michel Anastassiades, global head of FundQuest.
BNP Paribas IP head Gilles Glicenstein says: “This acquisition is a new step in our multi-specialists strategy, as it reinforces our ability to deliver comprehensive and innovative solutions to existing and new clients anywhere in the world.
“The UK market remains a priority for the development of BNPP IP, and with this alliance FundQuest gains momentum as a global multi-manager and open architecture services provider, a market that is expected to grow by nearly 20 per cent a year.”