Charles Stanley Group, a UK-based investment management firm, has agreed to acquire the entire issued share capital of Evercore Pan Asset Capital Management (Pan Asset) for undisclosed amount.

Founded in 2007, Pan Asset offer specialist asset allocation advice across a range of global asset classes and the use of passive investments.

Pan Asset will be integrated within Charles Stanley’s funds division where it is anticipated a degree of cost saving will be achieved by the elimination of duplicated systems costs and utilising Charles Stanley’s sales and distribution network.

Mike Lilwall, director of Charles Stanley, said: "The acquisition of Pan Asset will complement the company’s existing distribution channels by broadening Charles Stanley’s expertise and product offering into the area of passives and in particular we foresee opportunities to enhance our increasing offering to the Financial Adviser market-place.

"Further opportunities include the provision of cost effective pension products by combining the Pan Asset active management process with Charles Stanley and Charles Stanley Direct’s services. This includes a full range of SIPP and ISA wrappers together with traditional investment accounts," Lilwall added.

The acquisition is conditional upon change of control permission being granted by the Financial Conduct Authority (FCA).