Thomas Miller Investment (TMI), the UK-based asset management arm of the Thomas Miller Group, has signed an agreement Broadstone’s wealth management business.
As part of the deal, Broadstone’s managing director, private clients, Matthew Phillips, will join Thomas Miller Investment’s wealth management operation in the UK.
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In his new role, Phillips will report to Mike Balfour, CEO of Thomas Miller Investment.
Following the acquisition, Thomas Miller Investment will manage and advise around £2.8bn of assets with approximately 90 staff across seven locations.
The buyout is part of the firm’s strategy to expand its investment management business, both organically and through acquisitions.
Financial terms of the transaction, which is subject to FCA approval, have not been disclosed.
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By GlobalDataMike Balfour, CEO of Thomas Miller Investment, said: ""The teams at Broadstone share our philosophy and culture of providing a highly professional service for clients. They will be a valuable addition to our investment capability and provide a national wealth management offering in addition to our other offices."
Matthew Phillips said: "We are passionate about providing our clients with a high level of service and maintaining our market leading proposition in the long term. The additional expertise and resources we will gain as part of Thomas Miller Investment will deliver long term value to our clients."
Broadstone, which manages about £400m of assets from offices in Glasgow, Southampton, Birmingham, Chelmsford and London, provides wealth management services to private clients, pension funds, charities and companies.
