Thomas Miller Investment has snapped up Broadstone’s wealth management business for an undisclosed consideration.

Thomas Miller Investment has snapped up Broadstone’s wealth management business for an undisclosed consideration.

Thanks to the deal, Thomas Miller Investment will manage and advise on circa £2.8 billion ($4.6 billion) of assets with 90 staff across seven locations.

Broadstone’s managing director Matthew Phillips will take responsibility for Thomas Miller Investment’s wealth management operation in the UK and report to Mike Balfour, chief executive at Thomas Miller Investment.

The deal is part of a wider growth strategy to build Thomas Miller Investment into a leading investment management business - both organically and through acquisition.

"The team 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. This is a clear demonstration of our ambition in the provision of private client wealth management," said Mike Balfour, chief executive officer at Thomas Miller Investment.

IMAS, an independent M&A advisor in the financial services industry, acted for Thomas Miller Investment.

Broadstone provides wealth management services to private clients, pension funds, charities and companies. It manages and advises £400 million of assets and has offices in Glasgow, Southampton, Birmingham, Chelmsford and London.

Thomas Miller Investment provides services to institutions and private clients both on and offshore. Operating out of London, Edinburgh and the Isle of Man, and currently manages £2.4 billion of funds under management.