Vestra Wealth, a UK-headquartered firm which recently entered its fourth year of operations, has hired Cofunds as its fund custodian, in a deal entrusting it with more than £600 million (around $939 million) in assets.

The Cofunds’ institutional service will provide specialist fund dealing, settlement and sub-custodian services to Vestra, the wealth management firm said yesterday.

"Cofunds will introduce significant operational efficiencies in areas including dealing, settlement, custody, and commission processing, which we believe will enhance the service that we are able to provide to our clients,” said Neil Greenwood, head of operations.

Vestra currently manages more than £2.4 billion of assets.