Miton Group is to acquire Darwin Investment Managers, with Miton director and multi-asset manager Martin Gray leaving the firm.
The acquisition, in the form of a combination of cash and Miton shares, is subject to FCA approval and due for completion by the end of September. Gray’s funds will now be managed by Darwin majority owner David Jane.
Former M&G head of investments Jane has already received FCA authorisation to manage the £741m CF Miton Special Situations Portfolio, the £181m CF Miton Strategic Portfolio, the £14m CF Miton Total Return fund and the £5m Miton Global Diversified Income fund.
Following the completion of the acquisition, the £47m PFS Darwin Multi Asset fund is to be integrated into Miton.
Miton Group executive chairman Ian Dighé says: “Bringing someone of David’s profile and experience underlines the strength of Miton’s ambition in serving the needs of our clients.
“Miton has made a strong start in 2014. The board remains confident of delivering decent earnings growth over the year.”
Jane says: “I am very excited to be joining Miton at this stage of its development.”