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

Vitruvian Partners, a London-headquartered private equity firm, is investing into Walkers, an international law firm headquartered in the Cayman Islands.

Walkers announced yesterday that it has signed a definitive agreement with the firm. 

The size of the investment wasn’t disclosed. Completion of the transaction is subject to customary regulatory approval. 

Advisors on the transaction included Paddock Capital Markets, RSM and Skadden, Arps, Slate, Meagher & Flom for Walkers, and Alvarez & Marsal and Freshfields for Vitruvian Partners.

Under the terms of the partnership, Walkers and Vitruvian Partners will share ownership of WPS and jointly commit to expanding the business.

Walkers, founded in 2015, specialises in Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Ireland and Jersey law. It has 10 offices in the Americas, Asia and Europe, and 12 global practice groups.

The announcement is an example of how private equity groups see the professional services space – particularly those of a cross-border nature – as a growth market amidst increasing mobility of HNW individuals and their private and business concerns. 

“Our investment will support the rollout of best-in-class technology for WPS, as well as the expansion of its service offering, and its presence in new markets, accelerating growth and innovation across the board,” Luuk Remmen, partner at Vitruvian Partners, said.

Vitruvian Partners – a global business looking after more than $20 billion of funds – has offices in London, Stockholm, Munich, Madrid, Luxembourg, Mumbai, Singapore, Shanghai, Miami, and San Francisco.