The latest mergers, acquisitions and other corporate actions in the wealth management sector.

New York Life Investment Management, Candriam, Kartesia
New York Life Investment Management, overseeing about $800 billion in AuM, and its European affiliate, Candriam, have taken a majority stake in Kartesia, a European private credit manager. The stake had been 33 per cent and has risen to about 80 per cent.

The minority stake was originally made in 2020.

Kartesia’s partners will retain about 20 per cent of Kartesia, a firm that has about €7.5 billion in AuM. It specialises in financing European middle-market companies through private credit solutions. 

Over the past five years, Kartesia and Candriam have launched initiatives including an impact-driven private credit strategy and, more recently, their first private debt ELTIF – an EU-compliant vehicle that is designed to make private markets more accessible to a broader base of European investors. 

The financial price of the expanded stake wasn’t disclosed.

PhillipCapital, Walker Crips Group
Singapore-headquartered investment and wealth management group PhillipCapital has completed its go-private £5.96 million cash ($7.93 million) purchase of UK financial services company Walker Crips Group. 

When the acquisition is wrapped up, PhillipCapital will keep the Walker Crips brand. Walker Crips will retain its London head office, PhillipCapital said in a statement yesterday.

The go-private move is an example of private equity purchases of wealth management businesses. For example, in 2024, CVC Capital Partners, Nordic Capital, and Abu Dhabi Investment Authority purchased Hargreaves Lansdown. However, the pattern is not uniform: UK-listed NatWest recently bought Evelyn Partners, from the latter group’s private equity owners.

“As a well-resourced, resilient and patient parent, PhillipCapital will provide material support to Walker Crips in order to achieve its short- and long-term goals,” the investment house said. “It will enable Walker Crips to deploy its ambitious organic and inorganic growth strategy, centred around its core business units in investment management and its differentiated structured products offering.”

When announced on 24 November last year, Walker Crips said the purchase price amounted to a premium of about 86.67 per cent to Walker Crips’ closing share price on 21 November.

Walker Crips said yesterday that PhillipCapital’s backing will “initiate a fundamental evolution of Walker Crips’ technology and infrastructure to achieve economies of scale, reduce operational costs and above all, support enhanced client service.”

The UK firm’s joint CEOs, Sean Lam and Christian Dougal, and other members of the senior management team, will remain with the Walker Crips Group. Mark Nelligan has resigned as a non-executive director of Walker Crips following the deal. Hua Min Lim and Linus Lim, representatives of the PhillipCapital Group, previously appointed as non-executive directors to the Walker Crips Board, will remain as directors of Walker Crips.

Walker Crips shares were suspended from the London Stock Exchange yesterday.