Evelyn Partners, a wealth management and professional services company, has agreed to purchase Dart Capital, a small-scale wealth manager with headquarters in the city of London.

The deal, which needs regulatory approval, is anticipated to close later this year. 

Dart Capital was founded in 1987 and is currently run by chief executive Richard Whitehead following a management buyout in 2008.

Its assets under management (AuM) have increased from £120m ($150.6m) to £739m since 2008.

The 19-person Dart Capital team offers individualised advice and discretionary investment management services to a select group of clients, including partners of top law and accounting firms, senior executives, entrepreneurs, and retirees.

Chris Woodhouse, group chief executive of Evelyn Partners, commented: “Richard and his team have built an impressive business over many years that supports a top-tier client base. We are delighted that they have chosen to become part of Evelyn Partners at an exciting time of growth and development for the group. The cultural fit between the two business is excellent, with both firms focused on understanding the needs of our clients and delivering a highly personalised service.”

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Richard Whitehead, chief executive of Dart Capital, added: “We are very proud to announce that Dart Capital is becoming part of Evelyn Partners. Both companies champion similar core values, and we are confident in the opportunity of growth and investment that this exciting development presents for our clients and the company.  Evelyn Partners’ additional depth and breadth of resource will help us continue to nurture, preserve, and grow our clients’ wealth. We are excited for the future and look forward to supporting our clients in our new home.”

Earlier this month, Paul Geddes was welcomed as the next CEO of Evelyn Partners.

Woodhouse, who has served in the position for more than five and a half years, will be stepping down from full-time executive management.