IPS Capital and Prospect Wealth Management, both UK-based investment managers, have closed a merger to form a business with over £600m in assets.

Financial details about the transaction were not divulged.

The consolidated group will cater to HNW, UHNW and mass affluent investors across the UK and internationally.

Prospect founder Matthew Hunt said: “The key to any successful grouping is the fit between the businesses. IPS and Prospect are completely complementary in terms of our respective investment capabilities, culture and distribution focus.

“We have known each other for around seven years, and this strategic partnership is great news for both client sets.”

As part of the deal, IPS Capital will absorb Prospect’s six-member team. Hunt will now serve as a partner at IPS Capital.

Commenting on the alliance, IPS Capital CEO Jonathan Blain said: “Our strategic partnership with Prospect enhances our collective investment expertise, which we believe will add value to both firms’ clients.”

A multi-asset investment manager, IPS Capital was set up in 1999.

The firm offers discretionary and advisory asset management services to private clients, trusts and pension schemes in the UK and internationally.

Comparatively, Prospect is a much newer firm established in 2006. The firm offers investment management services to individual investors, trusts and charities.