EFG Private Bank, the London-based subsidiary of EFG International, has agreed to acquire Ashby London Financial Services an independent wealth management firm. The deal is subject to regulatory approvals, and terms have not been disclosed.
Ashby London is based in Wolverhampton and also has an office in Birmingham. It provides fee-based independent advice to individuals and businesses, covering investments, tax planning, pensions and employee benefits.
It advises on clients’ assets of over £150 million on behalf of around 2,000 clients, and has 36 employees, of which 10 are involved directly in client relationships. Ashby London is owned by employees and Peter London is the majority shareholder.
Mr London established the business in 1973 and has been its chairman since October 2005 (having formerly been managing director).
Along with managing director Phil Oaten and other key employees, Mr London will remain fully involved in the company following the acquisition.
This is a complementary acquisition says EFG Private Bank. It adds to its growing profile in the UK regions, notably in the Midlands.
Ashby London will strengthen further its capabilities in the provision of independent financial advice, in addition to the existing services provided by EFG Platts Flello, the independent wealth manager acquired in October 2003.