Deals Of The Day: The Latest In Wealth Management M&A – Waverton, L&C, Nucleus, Others

Editorial Staff

2 July 2024

London & Capital, Waverton
UK-based wealth manages have completed their merger deal.

The transaction, creating a business with a total of £19 billion ($24.1 billion) in AuM, has been approved by the .

Under the arrangement, Guy McGlashan is assuming CEO role of the combined company with immediate effect. Former Waverton chief executive, Nick Tucker, will take a place on the board of the combined company. The business will be referred to as L&C Waverton over the coming months, whilst a brand review takes place.

The combined business will serve a range of client profiles, including high net worth and ultra-high net worth families, charities, financial advisors and institutional clients, both in the UK and internationally.

LMP, previously London & Capital’s majority shareholder, supported the transaction through continued investment and will hold a majority shareholding in L&C Waverton. Somers Ltd, the majority shareholder in Waverton since 2013, will continue as a significant shareholder in L&C Waverton, alongside a significant proportion of employee shareholders.

Nucleus
Nucleus Financial Platforms, a UK advisor platform group, has completed its acquisition of Third Financial. The FCA has granted regulated approval to the deal.

Third Financial is an investment platform and front-to-back wealth management software provider, serving discretionary wealth managers, multi-family offices, and advisor consolidators.

Nucleus said the acquisition “significantly” expands Nucleus’s capability in the “advisor-as-a-platform” space.

Ian Partington, CEO of Third Financial, will continue to lead the business, reporting to Mike Regan, chief commercial officer of Nucleus.

Nucleus has about £97 billion in assets under administration; Third Financial provides the core processing, asset servicing and market connectivity for the management of over £50 billion of assets.