Tilney Bestinvest is acquiring £1.8bn investment manager Ingenious Asset Management for an undisclosed sum.
The combined group will now manage £11.2bn in assets, with 80 per cent being managed or advised. Ingenious gives Tilney Bestinvest access to high-net-worth and ultra-high-net-worth clients in London, says Tilney Bestinvest chief executive Peter Hall.
Guy Bowles, chief executive of Ingenious Asset Management, will become head of investment management for London for Tilney Bestinvest.
Hall says: “The acquisition of Ingenious Asset Management will significantly increase our investment management capability in London and our business supporting financial intermediaries.”
Bowles says: “When we launched Ingenious Asset Management in 2003, we were determined to create a business that combined modern investment techniques with a traditional emphasis on delivering a highly personal service.
“In Tilney Bestinvest we have found a firm which very much shares that approach and has a similar investment process to our own, with a strong emphasis on proprietary investment research. Tilney Bestinvest is also investing heavily in systems and has an excellent infrastructure to support and grow a modern investment management business.”
David Rosier, chairman of Thurleigh Investment Managers, which was acquired by Ingenious in 2014, will become a senior adviser to Tilney Bestinvest Group.
The deal is expected to complete in April, subject to regulatory approval. Financial details of the deal were not announced.