M and A
Deals Of The Day: The Latest In Wealth Management M&A – Waverton, L&C, Nucleus, Others
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The latest mergers, acquisitions and other corporate actions in the wealth management sector.
London & Capital, Waverton
UK-based wealth manages London &
Capital and
Waverton Investment Management Group have completed their
merger deal.
The transaction, creating a business with a total of £19 billion
($24.1 billion) in AuM, has been approved by the Financial
Conduct Authority.
Under the arrangement, Guy McGlashan is assuming CEO role of
the combined company with immediate effect. Former Waverton chief
executive, Nick Tucker, will take a place on the board of
the combined company. The business will be referred to as L&C
Waverton over the coming months, whilst a brand review takes
place.
The combined business will serve a range of client profiles,
including high net worth and ultra-high net worth families,
charities, financial advisors and institutional clients, both in
the UK and internationally.
LMP, previously London & Capital’s majority shareholder,
supported the transaction through continued investment and will
hold a majority shareholding in L&C Waverton. Somers Ltd, the
majority shareholder in Waverton since 2013, will continue as a
significant shareholder in L&C Waverton, alongside a
significant proportion of employee shareholders.
Nucleus
Nucleus Financial Platforms, a UK advisor platform group,
has completed its acquisition of Third Financial. The FCA
has granted regulated approval to the deal.
Third Financial is an investment platform and front-to-back
wealth management software provider, serving discretionary wealth
managers, multi-family offices, and advisor consolidators.
Nucleus said the acquisition “significantly” expands Nucleus’s
capability in the “advisor-as-a-platform” space.
Ian Partington, CEO of Third Financial, will continue to
lead the business, reporting to Mike Regan, chief commercial
officer of Nucleus.
Nucleus has about £97 billion in assets under administration;
Third Financial provides the core processing, asset servicing and
market connectivity for the management of over £50 billion of
assets.
