Private equity firm AnaCap Financial Partners has agreed to buy Wealthtime, a British wealthtech platform with assets under advice of over €2bn ($2.17bn).

The deal marks the foray of Anacap into the UK wealth management market.

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Based in Salisbury, Wealthtime combines investment portfolios and financial assets into a single online portal.

Using AnaCap’s infusion, Wealthtime initially plans to prioritise organic growth and later make acquisitions to drive growth.

A number of leadership changes are lined up for the wealthtech business.

Existing Wealthtime chief Jan Regnart and compliance director Colin McCarthy will assume consultancy roles.

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Meanwhile, Patrick Mill will take on the role of CEO. Richard Denning and Dominic Easton will become COO and financial director, respectively.

The trio will be part of Wealthtime senior executive team and support existing commercial director Lucy Bristow.

The developer of the firm’s proprietary technology Steve Payne and customer service proposition head Damian Baker will be retained.

The transaction, whose value was not revealed, awaits regulatory nod.

AnaCap managing director Nassim Cherchali said: “Wealthtime is widely recognised in the IFA community for its high-quality service offering, while already showcasing an impressive customer base that has largely been established through word of mouth alone to date.

“We are very excited to implement the first stage of our plan to invest in the Company’s sales and distribution platform as well as to work with management in implementing the targeted buy and build strategy for 2020 and beyond.”

In 2017, AnaCap snapped up Barclays’ French retail, wealth and investment management operations.