Seneca Investment Managers’ acquisition of Miton Capital Partners was finalised yesterday, after it received approval from the Financial Conduct Authority.

Seneca Investment Managers' acquisition of Miton Capital Partners was finalised yesterday, after it received approval from the Financial Conduct Authority.

The deal, which was announced in January, saw Miton sell its Liverpool fund management business to Merseyside neighbour Seneca Investment Managers for £6.4 million ($10.5 million). Miton’s decision to put this division on the market came as the firm saw less prospect of rapid growth of its assets under management compared to other areas of its business (see here).

Fund management firm Seneca Investment Managers then proceeded to hire a new chairman, David Warnock, to help expand the firm further. Furthermore, Jon Moulton, the founder of Better Capital, has acquired a significant minority shareholding in the company.

Now the acquisition has completed, Seneca Investment Managers will rebrand Miton’s two open-ended investment companies, the CF Miton Distribution Fund and the CF Miton Diversified Growth Fund in line with its own growth strategy. Seneca will also inherit Miton’s Midas Income & Growth Trust and a number of segregated mandates.

The purchase of Miton by Seneca Investment Managers, launched in 2013 as an offspring of Seneca Partners Group, represents the firm’s desire to build into “a national player within the UK fund management sector”, it said in a statement.