Investment management and financial services firm Tilney Bestinvest has agreed to acquire London-based discretionary investment manager Ingenious Asset Management.
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Ingenious caters to high net worth and ultra-high net worth clients as well as offers investment services to financial advisers. The firm operates with a workforce of 41, managing over £1.8bn in client assets.
The combined entity will oversee about £11.2bn of assets, and operate with 15 offices and over 500 staff across the UK.
The acquisition of Ingenious will also double the size Tilney Bestinvest’s investment management team in London as well as increase the size of the company’s financial intermediary business development team.
The deal is expected to close in April, subject to regulatory nod.
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By GlobalDataUpon completion of acquisition, Ingenious CEO Guy Bowles will assume the role of head of investment management (London) at Tilney Bestinvest.
Tilney Bestinvest CEO Peter Hall said: "The acquisition of Ingenious Asset Management will significantly increase our investment management capability in London and our business supporting financial intermediaries.
"The team at Ingenious Asset Management are very high quality professionals and their investment approach is complementary to our own so we believe this represents an excellent combination."
