Listed Swiss advice and investment management firm VZ Group has taken a 50.1 per cent stake in a St Albans based financial advice practice.
It has taken the stake in Lumin Wealth, which has £600m of assets under management and 40 staff.
As part of the arrangement, three people from VZ Group will join the management team. The Swiss firm said it intends to use Lumin as a “springboard” for its own growth ambitions in the UK market.
VZ Group is listed on the Swiss stock exchange and had £24bn in assets under management at the end of 2020. The firm employs 1,200 people.
Lumin said the tie-up will allow it to make “selective acquisitions with like minded firms”, while enabling VZ to have a “foothold”, in the UK market.
It also intends to launch an adviser academy, spend more on marketing and improve Lumin’s digital offering.
Lumin managing director Martin Cotter and all other existing board members are staying with the business following the deal.
Cotter said: “We could not wish for a more formidable partner and take pride in VZ’s endorsement. VZ’s package of financial planning DNA, long-term horizon and financial muscle provides us with an unparalleled opportunity.
"We have been impressed by VZ's proven track record in developing differentiated propositions with clear client benefits.
"We are highly excited that we can further improve the service we provide our clients and offer a dynamic environment for aspiring financial advisers as we expand the business together. “
Matthias Reinhart, founder and chief executive at VZ, added: “Lumin is an ideal springboard for VZ to build market presence in the UK long-term in the context of our growth ambitions.”
VZ will also expand Lumin's range of services offered to clients by enabling it to access some of the resources VZ has within its own business.
The size of VZ’s shareholding was revealed in an announcement to the Swiss stock exchange.
david.thorpe@ft.com
