Financial services group Walker Crips has transferred its Corporate Bond fund to Smith & Williamson.
The company, which posted dramatically reduced profits in November, said that it had decided that management of the TB Walker Crips Corporate Bond fund is "no longer a core activity" that it is "being transferred to a fund manager which has the requisite resource, scale and track record to continue serving the fund's investors well."
The transfer should be completed on 21 March, and the fund will be renamed TB Riding House Street Fixed Interest fund.
Walker Crips posted a 91 per cent fall in pre-tax profit to £53,000 in the six months to the end of September, citing compliance costs and difficult conditions in the run up to the Brexit vote.
Chairman David Gelber said Mr Gelber said that "tight control of costs will receive continued management focus and scrutiny given the substantial regulatory changes ahead.”
Commenting on the transaction, Ed Rosengarten, partner and head of funds at Smith and Williamson said: “Whilst investment-led organic growth remains the cornerstone of our strategy, inorganic acquisitions are an important and complementary element of our plans.
"This deal highlights that we have the resources and commitment to be an active and willing consolidator.”
