Carlyle Group-backed wealth manager Hawksmoor Investment Management agreed to acquire smaller UK-based peer Gore Browne Investment Management, reported Bloomberg News citing a client letter written by Gore Browne CEO Mark Arkwright.

The letter did not state the terms of the deal.

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Arkwright said in the letter that the transaction is subject to approval by the UK’s Financial Conduct Authority (FCA).

He also said that the Hawksmoor will continue to trade separately under their existing brands.

Wiltshire-based Gore Browne manages around £520m ($635m) in assets, unnamed sources with knowledge of the deal told the news agency.

Hawksmoor CEO Sarah Soar was quoted as saying in the letter: “Gore Browne’s private client experience and investment expertise bring an added dimension to the group, and will help create benefits for all our clients as well as opportunities for the future.”

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Exeter-based Hawksmoor was acquired by Hurst Point Group, a portfolio company of Carlyle, in January last year.

Founded by John Crowley in 2008, the firm provides discretionary management services to private clients and clients of professional advisers, including trusts, pension schemes, and charities.

In 2016, Hawksmoor separated its fund and private client management businesses in a bid to expand its fund management capabilities.

This February, a report by Reuters said that Carlyle Group was in talks to acquire CBAM Partners, a New York-headquartered credit firm, to boost its credit investment platform.

Last year, Carlyle agreed to take a majority holding in funds network Calastone to help the latter ramp its growth, including global expansion.