The London-based wealth boutique has rebranded and purchased a dedicated discretionary fund manager to bring investment management under one roof.

Two established UK financial services business will combine under London-based parent Bowmore Wealth Group, the parties involved in the merger announced on Friday.

The M&A will join Bristol-based chartered financial planner The Citimark Partnership, which represents around 450 high net worth clients, with UK discretionary fund manager Bowmore Asset Management based in London's Mayfair. The businesses will rebrand as Bowmore Financial Planning, and the acquisition is foremost about bringing investment management in-house.

“Over the decades we’ve never been entirely satisfied with outsourcing investment management, primarily due to inconsistencies in investment performance and service,” said Mark Incledon, who founded Citimark 30 years ago. “Hence, we’ve established our own fully authorised discretionary fund manager. This provides our clients with a more dedicated service, which is 100 per cent aligned with their objectives.”

The firm made the decision after looking at the long-term performance of its external asset managers. "Our findings showed the figures to be vastly different between regional offices. An asset manager must provide consistency and predictability, something that we now have developed a solution for,” he said.

The merged operation will combine 25 staff working across financial planning and asset management, bringing the group's combined assets to around £350 million. Bowmore AM brought around £170 million in managed assets to the deal. Its average portfolio size is £1 million, each holding between 25 and 30 funds, the group said.

Incledon added: “It’s been my ambition to provide quality asset management with chartered financial planning. After 30 years in business, this significantly increases our offering whilst securing the future of our business.”

His company acquired Trigon Financial Services in December, which netted a further £60 million in client funds. The group said it expects further acquisitions to be part of growth plans. Former Lazard Asset Management, Julius Baer, and Chase AM executive, Christian Yates will chair the merged venture.