Charles Stanley has acquired Leeds-based discretionary investment management firm Myddleton Croft for an undisclosed sum.
The wealth manager said it is looking to recruit additional investment managers as part of its growth plans for the firm.
Myddleton provides discretionary investment management services and model portfolios to individuals, trusts, pension funds, charities and their advisers.
The latest accounts show that for the year ending 30 June 2018, Myddleton Croft had £96.5m funds under management.
Charles Stanley chief executive Paul Abberley says: “I am delighted to welcome the Myddleton Croft team to Charles Stanley who will further strengthen our presence in Yorkshire and the North East.
“Myddleton Croft’s business model and client base, together with its well-established name and reputation, make it an excellent fit for us.
“We are committed to providing its clients with a seamless service and continuing the first-class levels of client care that they have come to expect and that we pride ourselves in delivering. They will also be able to benefit from our broader range of services if needed.”
The deal will see all of Myddleton Croft’s investment managers join Charles Stanley. Patrick Toes, Carolyn Black and Robert Feather will report into Simon Martin, branch manager of Charles Stanley Leeds, and Jonathan Baker, who now has overarching responsibility for Charles Stanley’s northern offices in Leeds and Manchester.
Myddleton Croft managing director Julie Jones says: “We are excited to be joining forces with Charles Stanley where we can achieve the next phase of business growth.
“They offer the right mixture of culture, high service standards, and location without compromising our investment philosophy, which is important to us.”