Harwood Capital Management has bought discretionary fund manager Wellian Investment Solutions to bolster its multi-manager offering.
The Tunbridge Wells-based company, which has £185m in assets under management, will be an integral part of Harwood’s multi-manager business.
Wellian’s Alan Durrant and Richard Philbin will continue to be chief executive and chief investment officer at the firm respectively, and will work alongside Wellian investment director Chris Mayo.
Despite the deal, Wellian will maintain “a clear sense of identity” and continue to build on the local support it has amongst the financial adviser community, the company says.
Durrant says: “We are delighted to have concluded this important acquisition. We have been working hard to create a holistic wealth management business and Wellian is a critically important part of this. Wellian is an excellent fit for our business, bringing discretionary portfolios managed on a wide range of the platforms supported by advisers.
Last December, Harwood bought the Discovery Balanced and the Discovery Growth funds, formerly managed by Quilter Cheviot, to build up the multi-manager range.
“When combined with our range of Discovery managed funds, we believe we can now present a full range that will meet the needs of advisers and their clients,” says Durrant.
Wellian did not disclose the financial terms of the acquisition.
Harwood’s multi-manager business was started by former Skandia CIO Durrant and former Architas manager Philbin two years ago.