Ravenscroft, the Guernsey-based wealth management firm in which Hargreaves Lansdown co-founder Stephen Lansdown is the majority shareholder, has acquired Miton Optimal.
The firm had assets under management of £8.2bn prior to this deal - for an undisclosed sum - being announced today (April 1).
Ravenscroft was chaired by Lansdown for four years until 2021, when he retired.
At the time of his announced retirement, an interim report showed he owned 34.84 per cent of the company’s issued share capital, making him the majority shareholder.
He had previously told FTAdviser that the firm managed most of his personal wealth excluding his stakes in Hargreaves Lansdown and Bristol City FC and other sporting interests.
Lansdown, who lives in Guernsey, told FTAdviser he had originally encountered Ravenscroft when he asked them to manage some of his personal wealth, a relationship that evolved into his becoming a shareholder, director and then chairman.
Ravenscroft have been growing their UK presence in recent years, acquiring the WH Ireland business in the Isle of Man and a number of UK investment management firms in the regions, which have now rebranded as Ravenscroft.
Miton Optimal is a business which was created by individuals previously involved with the Miton business in the UK, when the latter traded as Midas.
Miton Optimal has two multi-asset funds available to UK-based clients; Ravenscroft has three such funds.
The combined AUM of the two firms has not been disclosed. Miton Optimal also has a significant presence in the Channel Islands.
According to Mark Bousfield, group managing director of Ravenscroft, MitonOptimal’s team will bring with them considerable experience and provide further opportunities for growth in the Channel Islands, the UK and further afield.
He said: "In recent weeks, they have spent time in the office getting to know our team, process and systems and there is a real excitement about the future".
Simon Sharrott, group chief executive at Miton Optimal Portfolio Management, said: “My colleagues and I are excited to be part of dynamic organisation and joining a team that shares the same strong commitment to the highest levels of service and performance for clients across an enhanced range of offerings that, in addition to investment management, includes stockbroking, cash management and precious metals dealing.”