Saltus Fund Management has acquired Altrincham-based wealth management firm Mercater Capital Management.
Mercater, which has £65m of assets under management, will trade under the Satlus name and will become the north-west hub of the business.
Mercater is the second acquisition by Saltus in 2012 after the group acquired Midlands-based discretionary fund manager Montague Capital in August 2012. Mercater was formed in 2003 and specialises in multi-manager investing. In 2005, the company acquired Scott Lang Investment Management, a UK based capital management company with offices in the north of England.
Saltus managing partner Simon Armstrong says: “This is a win-win deal for everyone. The combined business will benefit from additional resources and complementary expertise while clients and professional introducers can access our multi-asset approach, working within risk budgets and investing in a global pool of ‘best of breed’ specialist managers.
“This acquisition gives us the perfect base from which to pursue our growth plans in the North West. There is a high quality team in place and we are looking to increase the headcount in the areas of portfolio construction, client service and finance.”
Mercater chairman James Lange will become chairman of the combined private client business.
He says: “We have been approached by several companies keen to acquire us but none of them felt right culturally. When Saltus approached us, we knew the fit was right as we share the same philosophy of putting the client first.”
Saltus Fund Management is an independent investment management company founded in 2004 by Armstrong and Jon Macintosh. The business is based in London and currently manages in excess of £270m on behalf of clients.