Benchmark Capital, a subsidiary of UK fund management giant Schroders Group, has agreed to buy a 51% stake in Oculus Wealth Management.

The deal adds £2bn in assets to Benchmark Capital’s books.

Harrogate-based Oculus, which will retain its operational independence, has been working with Benchmark Capital since 2015.

It operates an appointed representative model with 26 firms as well as 35 advisers.

Oculus managing director Duncan Read said: “Building on our existing partnership with Benchmark will allow us to provide even more support for our existing advisers, but also further accelerate the growth of our business over the next few years.

“This move will benefit our highly valued team of experienced advisers and give further choice and options to them with regard to their own businesses and careers. Benchmark offer access to financial opportunities for Oculus firms including both expansion and a succession option, thereby allowing us to assist our advisers with their complete career journeys.”

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The transaction, whose financial terms were undisclosed, awaits the clearance of the Financial Conduct Authority (FCA).

Benchmark Capital managing director of wealth Ed Dymott said: “Oculus have been incredibly successful in helping advisers who have previously worked at larger wealth managers and private banks set up their own practices, and we see this as a key growth area in the market.

“Their business-in-a-box model, bringing together Benchmark’s and Oculus services, is a compelling proposition, and we have seen great demand for this offering.” 

Last month, Benchmark Capital completed its acquisition of a 100% stake in Advison.

In January this year, Benchmark Capital snapped up Redbourne Wealth Management, adding £310m to its books.