MitonOptimal International, a discretionary fund management firm based in Guernsey, has taken over Jersey’s Orchard Wealth Management for an undisclosed sum.

Orchard is headed by Richard Harwood, who manages the global equity income vehicle Orchard Fund. Harwood will now have a seat on the MitonOptimal board.

“With increased regulation and distribution cost for small fund management businesses, MitonOptimal was a logical choice to partner for the future. My aim is to focus on continuing to deliver top quartile performance on our Orchard Fund (an Enhanced Global Equity Income strategy) and building on our Jersey relationships,” Harwood noted.

MitonOptimal has already secured the nod of the Jersey Financial Services Commission for the deal.

MitonOptimal group managing director and CIO Scott Campbell said: “The benefits of joining our businesses together, particularly with our Dublin fund focus, and partnering with the MitonOptimal team to further develop our Jersey discretionary fund management (DFM) services make sense.

“As we continue to develop our DFM, Model Portfolio Services and Funds business on a global basis, this was a sensible next step for us both.”

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MitonOptimal has been on an acquisition spree in the recent times, the latest being that of Central Investment Planning.