Wealth manager Tilney Bestinvest is to acquire rival Ingenious Asset Management for an undisclosed amount.
The deal, which is expected to complete in April, will create an entity responsible for some £11.2bn of assets.
According to Tilney Bestinvest, the combination would see its London investment management team double in size as well as enlarging the group’s financial intermediary business development team.
As part of the acquisition, Ingenious chief executive Guy Bowles is to become head of investment management in London for Tilney Bestinvest.
David Rosier, chair of Ingenious’ 2014 acquisition Thurleigh Investment Managers, will become a senior adviser to the firm.
Mr Bowles said: “In Tilney Bestinvest we have found a firm which very much shares that approach and has a similar investment process to our own, with a strong emphasis on proprietary investment research.
“Tilney Bestinvest is also investing heavily in systems and has an excellent infrastructure to support and grow a modern investment management business.”
The combined business will have over 500 staff across the UK in 15 offices. Ingenious currently has £1.8bn of client assets and 41 London-based staff.
The deal is subject to regulatory approval.
