Advice firm Foster Denovo has bought a part of the London & Capital’s UK wealth unit as part of its growth strategy.
This is Foster Denovo’s second acquisition this year following the purchase of Orchard Wealth in February.
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As part of the deal, Foster Denovo will take over the servicing of London & Capital’s UK wealth clients’ portfolios.
London & Capital has approximately £3bn of assets under management, however, the amount acquired by Foster Denovo has not been revealed.
Furthermore, two London & Capital advisers will join Foster Denovo as part of the agreement.
There will be no change to any clients’ portfolios, or their charges initially, Foster Denovo said in its press communique.
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By GlobalDataFoster Denovo CEO Roger Brosch said: “Having been engaged in extensive discussions with the London & Capital senior management team for some time, I am confident that we share the same values and believe their clients and the relationship team will be a natural cultural fit.
“Our passion for client service is similarly held by London & Capital, and our award winning proposition will enable advisers to offer a broader range of services to ensure their clients’ achieve all their financial goals.
“Our growth strategy is clear, we are well positioned for further deals and intend to be a ‘Facilitator’ in the market, able to offer a compelling option for businesses who put the interests of clients and staff high on their list of deal priorities.”
London & Capital COO Guy McGlashan said: “Transferring our UK Wealth clients to Foster Denovo is the next step in this strategy and we strongly believe that Foster Denovo will continue to provide our UK Wealth clients with an excellent service and provide a good home for them and the advisers transferring with them.
“We look forward to working closely with Roger and the rest of the senior team at Foster Denovo to ensure a smooth transition for these clients and their advisers.”
