Virgin Money Holdings, part of the Virgin business empire of UK tycoon Richard Branson, has purchased the banking business of Church House Trust for an undisclosed amount. The acquired business provides services including fund advice to high net worth individuals and trusts.

As part of the deal, Church House Investments, the asset management arm of the business, will become an independent entity, according to a statement issued today.

Under the terms of the deal, CHI will be “owned substantially by the current management of the business” CHI said. The managers are led by its chief investment officer, James Mahon, and James Johnsen, head of business development.

The management team will be supported by a group of former CHT shareholders including The Cayzer Trust Company, which will become the largest shareholder of CHI, and several individual CHT shareholders.

“The Board of CHI believe that this is an exciting time in the development of CHI’s business and a favourable environment for expanding a professional and responsive independent fund management service to high net worth individuals, their trusts, charitable foundations and pensions,” the firm said in a statement.

Roger Davis (head of operations) and Jeremy Wharton (head of fixed income investments) will be invited to join the Board of CHI once the offer becomes or is declared unconditional.

Meanwhile, Tom Davies, formerly of Cheviot Asset Management, will join the firm next Monday.