US-based private equity firm Lovell Minnick Partners (LMP) has signed a deal to buy a majority stake in London & Capital, a London-based, wealth and asset manager with £4.1bn in assets.
Financial terms of the deal were not revealed. The transaction is expected to close in the fourth quarter of 2022, subject to regulatory approvals.
London & Capital caters to domestic and international high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals.
In the last five years, the firm is said to have grown its assets, revenues, and profits. It also launched its services into Europe to support clients post-Brexit and developed multiple new services and technology solutions for its expanding client base.
At present, London & Capital has more than 800 private and institutional clients. It has 120 employees, including more than 50 dedicated investment professionals and financial advisers.
London & Capital CEO Guy McGlashan said: “We are at an exciting point in our evolution as a firm, and attracting the private investment plus the operational support LMP offers, will allow us to expand our client solutions, grow internationally, invest in technology, and bring on new teams. We look forward to working closely with the LMP team.”
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Under the terms of the transaction, London & Capital management team will retain a significant minority stake in the firm and continue to lead the business.
Commenting on the deal, LMP partner Spencer Hoffman said: “London & Capital’s long-standing success and stability is a testament to their comprehensive and client-centric approach to wealth and asset management.
“Their excellent client relationships, strong culture and talented teams position them very well for organic and inorganic growth in what are largely fragmented markets both locally and internationally.”
In 2019, Lovell Minnick made a minority investment in American advisory firm Pathstone.