British fund distribution firm Ganita Wealth has rolled out an investment bond to fund takeovers in the wealth management space in the UK.
The proceeds of the new investment bond will be used to acquire asset managers and IFAs in the UK.
The firm will also use the proceeds to support the launch of the firm’s asset management umbrella.
Commenting on the development, Ganita Wealth CEO Paul Smith said: “We are great believers in the future growth prospects of the UK wealth management market.
“We are in the process of building an integrated fund management and advisory platform par excellence. This bond will help to facilitate that growth as we look to acquire high growth IFA and fund management businesses.”
Ganita Wealth has a reach in the UK, Cyprus, Czech Republic and Ireland, with plans on to soon extend it presence to India and Dubai.
The firm intends to expand into fund distribution, management of in-house UCITS funds, as well as the administration of financial products such as SIPPs.
The firm believes that the post-Covid domestic UK and international wealth management sector will report strong growth.
It anticipates that the global wealth industry will grow at a CAGR of 9% from 2021 to 2023, reaching a valuation of around $1.64bn.
Notably, recently, a new IFA consolidator launched in the UK with the backing of private equity firm Apiary Capital, which has a majority shareholding in the business.
Apiary invested an undisclosed amount in the new business, which will operate under the name Radiant Financial Group.