British wealth manager Charles Stanley has bought discretionary investment manager Myddleton Croft for an undisclosed amount.

Headquartered in Leeds, Myddleton serves individuals, trusts, pension funds, charities, and their advisers. It was set up in 2006.

The acquisition of the business adds £96.5m in funds under management to Charles Stanley’s books.

Myddleton managing director Julie Jones welcomed the deal, saying that it will drive the next phase of business growth.

Referring to the acquirer, Jones noted: “They offer the right mixture of culture, high service standards, and location without compromising our investment philosophy, which is important to us.”

The deal has already secured regulatory approval.

All of Myddleton’s investment managers will move to Charles Stanley. These include Carolyn Black, Patrick Toes and Robert Feather.

The trio will report to Charles Stanley Leeds branch manager Simon Martin and northern hub manager Jonathan Baker.

Charles Stanley will be hiring more investment managers for its Leeds branch.

Charles Stanley CEO Paul Abberley said: “I am delighted to welcome the Myddleton Croft team to Charles Stanley who will further strengthen our presence in Yorkshire and the North East.

“Myddleton Croft’s business model and client base, together with its well-established name and reputation, make it an excellent fit for us.”

At the end of the first quarter ended 30 June 2019, Charles Stanley’s funds under management and administration reached £24.4bn.