Asset manager Russell Investments has agreed a deal to acquire On-Line Partnership Group, parent company of the In-Partnership and Whitechurch networks.
Russell Investments, which has over £152bn in assets under management, has announced the deal today which will see it acquire a combined network of over 600 advisers.
Russell Investments says it plans to investment in On-Line Partnership’s existing investment research, technology and administration systems, and increasing adviser training.
On-Line Partnership’s existing team will remain in place under the terms of the deal.
In a Q&A section on Russell Investments’ websites explaining the deal, the company says it is likely to offer restricted and independent advice.
The statement says: “On-Line Partnership remains committed to providing services for independent advisers and to investing in improving its services for these advisers. We are likely to offer a solution for advisers that would prefer to offer a restricted service so that advisers have a greater choice in terms of how they service clients in the future.”
On-Line Partnership group chief executive Kevin McDonagh says: “This acquisition is excellent for our members. Russell Investments shares our principal goal, which is to help advisers run sound and successful businesses for the benefit of investors. It has the heritage, resources and experience to invest in our business and enable us to grow. This will allow us to better support our members as they seek to meet the increasingly sophisticated needs of their clients.”
Russell Investments chief executive for EMEA Pascal Duval says: “Acquiring On-line Partnership Group demonstrates the scale of our ambitions in the UK. We’re committed to bringing our expertise to a broader audience and improving financial outcomes for individuals and institutions.”