Principal Holdings, the holding company of Principal Investment Management, has acquired Border Asset Management.
The deal will see Border Asset Management merged with Principal Investment Management, with the combined discretionary investment management businesses managing a total of £1.5bn in assets.
The business will have a total of 130 staff, who will continue to work in both firm’s respective offices.
Principal chief executive Hugh Titcomb says: “‘The Border and Principal businesses fit together extremely well. We share a strong commitment to providing clients with the highest possible quality of service and are highly complementary in terms of investment approach and geographic reach, with Border’s two offices in the north of the Country complementing Principal’s three offices in the south.”
Sanlam, the parent company of Principal, says the deal is part of its growth strategy.
Sanlam UK chief executive officer Lukas van der Walt says: “Sanlam has a strategic focus on building its UK financial services franchise. Identifying complementary acquisition opportunities is a key part of this strategy and we are delighted Principal has completed this transaction.”