Asset management firm iM Global Partner has purchased a strategic, non-controlling stake in Berkshire Asset Management (Berkshire) for an undisclosed sum.

With headquarters in Wilkes-Barre, Pennsylvania, Berkshire is an investment advisor that offers dividend-based US equity portfolios using its dividend growth strategy.

Established in 1986, Berkshire handled $3.96bn in assets under advisement until the end of October this year.

The latest move allows Berkshire to become iM Global Partner’s ninth partner as well as part of the latter’s asset management and distribution network across the globe.

iM Global Partner CEO and founder Philippe Couvrecelle said: “We are delighted to welcome the Berkshire Asset Management team into the iM Global Partner fold.

“They have a unique identity, like many of our other Partners, and their concentrated, long-term value-oriented approach perfectly fits the iM Global Partner ethos. Our success in attracting new Partners is down to both our aligned mindsets and our support for entrepreneurialism.

“These characteristics and our minority position ensure that each of our Partners retain their autonomy and independence, and this enables us to fuel each other’s growth.”

In September this year, iM Global Partner announced a plan to strengthen its distribution team in Iberia as well as build a new sales platform integrating its offices in Iberia and offshore US/Latin America.

Berkshire managing partner and chief investment officer Kenneth J. Krogulski said: “The partnership with iM Global Partner brings a wealth of expertise to existing and future Berkshire clients.

“It solidifies and increases the longevity, consistency and structure of the Berkshire team, and enhances what we can achieve for our clients.

“Their investment is an incredible vote of confidence in our team, our investment process and importantly our future.”