Evelyn Partners has bought the investment management business of Arena Wealth, a London-based firm which specialises in advising entrepreneurs and sports and entertainment professionals.
The acquisition brings approximately £90mn of investment management assets to Evelyn Partners.
Evelyn managing partner, Bill Price said there is a strong fit between the two firms as Evelyn has “long supported sports and entertainment professionals”.
“This deal recognises our ambition to continue growing our investment management business while at the same time ensuring that Arena Wealth’s prestigious clients will continue to receive a high-quality, personalised investment management service that is tailored to their needs,” Price said.
As part of the transaction, Arena Wealth portfolio manager Ashley Thompson will join Evelyn’s Nottingham office.
Thompson has been at Arena Wealth since 2013 and previously had a background in family offices for high-net-worth individuals.
Lauren Francis, who is a client administrator at Arena Wealth, will also be joining Evelyn Partners.
Evelyn, previously known as Tilney Smith & Williamson, said it will continue to work with Arena Wealth on an ongoing basis, as the firm’s partner of choice for investment management.
Arena Wealth director, David Lumley said he firmly believes Evelyn can continue to deliver the high level of investment management service Arena clients expect.
Earlier this month, Evelyn completed its seventh acquisition since last year with the purchase of North East firm Scholes & Brown.
Other deals have included FP Solutions in Essex, Capital Risk Management and MP2 Financial in Edinburgh, Equilibrium in Glasgow and 2hWealthcare in Buckinghamshire.
Evelyn’s strategic partnerships head Richard Dawes told FTAdviser last month that the way the scheme works is the adviser joins one of Evelyn’s offices to oversee the re-homing of their clients.
The firm also tries to mirror what the adviser was providing, so does not look to move assets to a different platform.