London & Capital sells DFM business to Momentum

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London & Capital has sold its £200m DFM business to Momentum, transferring its 15 model portfolios.

Momentum has acquired the Adviser Solutions business from L&C, and will take over management of its model portfolio range.

The move will see L&C’s Adviser Solutions unit sit within the Momentum Global Investment Management business, and will include the manager’s existing Factor Series of funds.

Momentum UK chief executive Ferdi van Heerden says: “This acquisition presents us with a great foundation on which to accelerate our growth as an investment solutions provider to the UK adviser market.

“With the addition of a mature DFM solution to complement our unitised Factor Series fund range, we now have a proposition that can cater for a wide range of IFA’s customer needs.”

The model portfolios will now be managed by portfolio manager James Klempster and his team, who run the three Factor funds.

As part of the deal six staff in the Adviser Solutions team will move to Momentum when the deal is complete on 1 July this year. The Adviser Solutions brand name will be retained.