Charles Stanley has acquired a Leeds-based discretionary investment management company, adding £96.5m to the wealth manager's funds under management.
The deal will see all of Myddleton Croft's investment managers join Charles Stanley, which is currently recruiting additional investment managers.
Myddleton Croft was established in 2006 and provides discretionary investment management services and model portfolios to individuals, trusts, pension funds, charities and their advisers.
At the year ended June 2018 the company had revenues of £1.1m and funds under management of £96.5m.
Paul Abberley, chief executive of Charles Stanley, said: "I am delighted to welcome the Myddleton Croft team to Charles Stanley who will further strengthen our presence in Yorkshire and the North East.
"Myddleton Croft’s business model and client base, together with its well-established name and reputation, make it an excellent fit for us.
"We are committed to providing its clients with a seamless service and continuing the first-class levels of client care that they have come to expect and that we pride ourselves in delivering."
The acquisition brings Charles Stanley's funds under management to £24.4bn and adds to its 800 staff across 27 offices in the UK.
Julie Jones, managing director of Myddleton Croft, said: "We are excited to be joining forces with Charles Stanley where we can achieve the next phase of business growth. They offer the right mixture of culture, high service standards, and location without compromising our investment philosophy, which is important to us."
Earlier this year Charles Stanley reported its funds under management had been received a boost driven by investment performance, but announced in its annual results in May that pre-tax profits had dipped slightly from £11.4m last year to £11m.
In May the wealth manager also confirmed it was set to spend £9.5m on a "major" restructuring of its business over the next few years, but stated it expects the changes to eventually lead to savings in excess of £4.5m a year.
rachel.addison@ft.com
What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know.
