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Thomas Miller Investment on the hunt to acquire advice firms

Thomas Miller Investment is on the lookout to acquire advice firms and says it is currently in talks with one firm about a potential deal.

The fund manager, which has funds under management of in excess of £2.5bn, looking to develop its presence in the sector and launched a range of six model portfolios in June aimed at investors with over £50,000 in assets.

Thomas Miller Investment head of intermediary business development Matt Lonsdale says: “We have our eyes open for hires and acquisitions. We can reinvest and acquire businesses.

“We are in discussions with a couple of firms, with one that is ongoing. Our due diligence process is pretty tight.”

Last month global asset manager Russell Investments acquired On-line Partnership Group, which owns the In-Partnership and Whitechurch networks, for an undisclosed sum. Research by CWC Research last week suggested that two thirds of asset managers interviewed said they were looking at restricted deals to secure distribution.

The JHC Partnership director Keith Iles says: “Any firm looking at buying an advice firm needs to consider the mentality of the company it is buying. Asset managers also need to be careful they are not inheriting problems further down the line.”

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