Oakley Capital Private Equity has acquired a majority stake in BDO Investment Management.
Oakley acquired an 84.4 per cent stake in BDO, which provides wealth management and corporate benefit services to private individuals and corporates.
BDO LLP, the UK member firm of the BDO international network, is to retain a 15.6 per cent stake in a bid to demonstrate its continued confidence and commitment to the business.
Oakley Capital Private Equity is an unlisted UK and European mid-market private equity fund.
The strategic partnership is designed to provide BDO Investment Management with the necessary capital to grow its funds under management.
David Pitman, former chief executive of Close Wealth Management, has been appointed chief executive of BDO Investment Management.
He says: “I am delighted to be joining BDOIM and taking the company forward in its next phase of growth. BDOIM has a strong market position as an independent provider of client-focused advice with offices throughout the UK. The combination of the company’s highly qualified advisers and its fee-based business model will provide a sound building block to significantly grow the business.”