The latest M&A deals in wealth management across Europe, Middle East and Africa.

Gresham House, a UK-listed alternative investment house, has bought the fund and investment management operations of Livingbridge VC LLP, for an initial consideration of £30.0 million ($38.6 million), rising to £40.0 million if the acquired business hits certain performance targets.

The acquisition takes total group assets under management to more than £2.0 billion, enhances earnings in a material way and helps with cost controls and speeds up hitting its 40 per cent margin targets, Gresham has said. 

All 16 staff at Livingbridge VC’s fund management arm, comprising eight specialist investment and research professionals alongside eight distribution, finance and operational staff, will join Gresham’s strategic equity operations. The statement mentioned no redundancies.

The acquisition will include the Baronsmead VCT (Venture Capital Trusts) products alongside two open-ended vehicles, LF Livingbridge UK Micro Cap Fund and LF Livingbridge UK Multi Cap Income Fund.

Gresham House said it expects the acquisition to beat its medium-term return on investment capital of 15 per cent.

The fund and investment management business of Livingbridge VC serves private individuals, wealth managers, IFAs and institutions. It manages approximately £500 million of quoted and unquoted equities via the Baronsmead venture capital trusts, and two open-ended investment companies, LF Livingbridge UK Micro Cap Fund and LF Livingbridge UK Multi Cap Income Fund.

The acquisition is expected to be completed around 31 November.