Craven Street Capital has launched a wealth management business after acquiring two firms totalling £850m in assets under management and advice.
Craven Street Wealth's acquisitions of Canterbury-based Kreston Reeves Financial Planning and London-based Christchurch Investment Management are being funded by challenger Shawbrook Bank.
Soondra Appavoo, CEO of Craven Street Capital, said she hopes to make “further acquisitions over the next few years to create a substantial challenger in the financial planning and wealth management market.”
She said: “We are delighted to have acquired Kreston Reeves Financial Planning and Christchurch Investment Management to create Craven Street Wealth. Both businesses are well established with a real focus on client outcomes.
“Kreston Reeves Financial Planning is a high quality Chartered Financial Planning firm with a strong reputation across the South East. Christchurch Investment Management has an excellent investment track record. We believe there are real opportunities for the two business to work together for the benefit of clients.”
Kreston Reeves Financial Planning (KRFP) has been a subsidiary of accounting firm Kreston Reeves for the past 20 years, having been established 30 years ago.
Under the terms of the acquisition, KRFP will continue to operate with the same branding under a brand licence for up to two years.
KRFP has 26 members of staff operating from offices in Canterbury, Horsham, Chatham, London and Sandwich.
All existing staff will remain within the business, including the management team comprising David Hurst, Julia Parsons, Tom Barnett and Tim Maakestad, who will remain as directors.
KRFP and Kreston Reeves will form a joint venture to continue to offer financial planning services to shared clients.
David Hurst, managing director of KRFP, said: “We are proud of the business which we have built over the last 30 years, which has rightly gained a strong reputation for client service and professional advice.
“We are excited to be working with the Craven Street Capital team who share our ambition of expanding the business to the benefit of clients and staff.”
Christchurch Investment Management has been developed by managing director Anthony Walters over the past 20 years.
The business operates from offices in the City of London and provides financial planning and discretionary fund management services to clients.
The nine-person team will remain with the business, which will continue to use the Christchurch Investment Management brand.
Founder Anthony Walters and director David Thornberry will remain on the board of the company.
Walters, managing director, said: “We have a tried and tested investment approach which has delivered a strong track record over a sustained period.
“We believe that the combination of our business with Craven Street Capital and KRFP will create a group with shared ambitions and a real focus on client outcomes.”
Tom Higgins is a freelance reporter for FTAdviser
