National advice firm Foster Denovo has bought part of London & Capital’s UK Wealth business.
The acquisition will see two advisers move from London & Capital to Foster Denovo, but neither company confirmed how many assets under advice are involved in the deal.
A spokesperson for London & Capital stated that no partners or further staff off the company will make the move across to Foster Denovo or be involved with any of their inner-workings.
Foster Denovo stated that there will not be any immediate changes to client portfolios or charging structures. However it added the in the long term clients will move to Foster Denovo's financial planning proposition.
Roger Brosch (pictured), chief executive of Foster Denovo, said London & Capital clients would be offered a 'broader range of services' following the acquisition.
‘We are delighted that London & Capital’s UK Wealth clients will be joining us at Foster Denovo. Having been engaged in extensive discussions with the London & Capital senior management team for some time, I am confident that we share the same values and believe their clients and the relationship team will be a natural cultural fit.
The purchase is Foster Denovo's second acquisition this year. In February, the company acquired Kent-based Orchard Wealth Cultivation and there are further purchases planned for later in 2019 according to the national advice company.
'Our growth strategy is clear, we are well positioned for further deals and intend to be a ‘facilitator’ in the market, able to offer a compelling option for businesses who put the interests of clients and staff high on their list of deal priorities,' Brosch added.
Guy McGlashan, chief Operating Officer of London & Capital said tthe firm was 'taking deliberate steps to focus our business more keenly on our core strengths’ and wanted to focus more on ‘international specialist regiments’ in the private client market.
‘Transferring our UK Wealth clients to Foster Denovo is the next step in this strategy and we strongly believe that Foster Denovo will continue to provide our UK Wealth clients with an excellent service and provide a good home for them and the advisers transferring with them. We look forward to working closely with Roger and the rest of the senior team at Foster Denovo to ensure a smooth transition for these clients and their advisers.’
London & Capitals spokesperson said that apart from the advisers and clients moving to Foster Denovo, the remaining assets and staff of the business would carry on as normal and no further clients will be affected by the sale.