The Guernsey-headquartered discretionary fund management company has enhanced its geographic footprint with the purchase.

MitonOptimal International is to acquire UK-based Coram Asset Management for an undisclosed sum.

The acquisition, which is subject to regulatory approval from the UK's Financial Conduct Authority, will reunite the Coram team with former colleagues at MitonOptimal. Coram has been manager of MitonOptimal’s Offshore Special Situations Fund since late 2014.

During his former experience at Miton Group, Coram director James Sullivan co-managed the fund with the late Martin Gray before the pair founded Coram.

“Martin Gray’s influence at Coram Asset Management as a co-founder, fund manager and shareholder was significant and his passing marked an inflection point in our business model which led us to explore a number of options available to us,” said Sullivan.

“We are delighted to be working with the MitonOptimal team again, cementing a relationship that goes back over 10 years. The company has...the balance sheet strength that allows Coram to implement its strategy at a pace that exceeds original expectations.”

Aside from its base in Guernsey, MitonOptimal has a presence in South Africa, Singapore and the Isle of Man. Founded in 2002, it offers a range of multi-asset funds, as well as discretionary fund management and advisory services to clients including intermediaries, institutional investors, family offices and private clients. The group currently has assets under management of around $700 million.

“We are excited at the prospect of their joining the MitonOptimal team as we continue to develop our discretionary fund management, advisory services and funds business on a global basis,” said Scott Campbell, managing director and chief investment officer at MitonOptimal.