UK independent private asset management James
Hambro & Partners is to merge with the high net worth financial
planning firm Calkin Pattinson.
The companies will aim to combine financial
planning and discretionary portfolio management under one umbrella
to provide a comprehensive service to clients.
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The combined outfit, which will trade under
the James Hambro & Partners brand, will have over £1bn
($1.57bn) in assets under management (AuM), advice and
administration.
Like minded
James Hambro & Partners LLP, which deals
with funds on behalf of private clients and charities, said in a
statement about the deal that it is well-placed to capitalise on
the ‘post-Retail Distribution Review world’ which comes into force
on 1 January 2013.
Chairman James Hambro said the two businesses
were like minded, and the combination would give them a firm
platform for further growth.
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By GlobalDataAndy Steel, who will lead the combined James
Hambro Group as chief executive, added that James Hambro &
Partners has attracted a considerable amount of business from major
banks in the last year and it expected this to accelerate with a
broader service offering in place.
Currently James Hambro & Partners has
around £480m in AuM and administration, while Calkin Pattinson has
around £600m in AuM.
