Venture capital firm Fortunis Capital has divulged plans to invest in wealth management businesses in the UK.
The move is said to be completely separate strand of the business from the firm’s venture capital investments.
Fortunis said it is currently closing the first set of deals with a combined £500m in assets under management (AuM).
The firm expects to conclude the first set of investments by the third quarter of the year.
It is currently in talks with a number of wealth managers about prospective investment deals.
The company also is looking for ‘other ambitious wealth managers throughout the UK’ focused on building assets under management, it said.
As part of the investments, it will offer ‘high quality emerging tech’ to help wealth managers streamline systems and enable efficiencies.
Fortunis Capital COO Justin MacRae said: “What we are proposing is unlike anything else currently in the UK marketplace. It will give the wealth management businesses access to technology that they can use to transform the services that they offer their clients.
“It also means that an investee wealth management firm will be able to offer venture capital investment to some of its clients.
“We are already in advanced talks with some prospective businesses, but we are seeking other firms that already have significant assets under management and are ambitious to go much further.”
Other development in the UK wealth space
Earlier this month, Equisoft, a Canada-based technology provider for the wealth management and insurance sectors, acquired UK-based financial services firm Altus.
Last month, British wealth manager Kingswood brokered a deal to buy North Lincolnshire-based chartered financial planning firm Admiral Wealth Management.
In May, Australian advice technology provider Ignition entered into the UK market following integration with the Bank of Ireland.
The same month, Swiss financial service company VZ Group acquired a stake in London-based advisory firm Lumin Wealth, making its entry into the UK market.