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Standard Life Aberdeen backs £17.5m Saranac fundraise

Standard Life Aberdeen backs £17.5m Saranac fundraise

Saranac Partners, the wealth firm set up by ex-Barclays Wealth chief Tom Kalaris, has raised £17.5 million in a recent fundraising. 

The round was led by existing investors, which include Aberdeen Asset Management (now Standard Life Aberdeen) and emerging markets investor Jim Mellon. 

There two new groups joining the shareholder list, the Noé Family and US based structured credit firm Zais Group.

Leo Noé, British multimillionaire and the founder of Noé Group, commented: 'In Saranac Partners, we see a firm that understands the challenges the industry must confront and the complex needs of families like ours. We are looking forward to working in partnership with the Saranac Partners team.'

The business was launched in early 2017 and currently has over £500 million in assets under management.

The £17.5 million will be put towards support the company's growth ambitions. 

Last year, the business raised £40 million from investors, including £25 million from Kalaris (pictured) personally. At the time Aberdeen Asset Management had put in £3 million in Saranac. 

Gordon Neilly, head of strategy and corporate activity at Standard Life Aberdeen, said: 'We look forward to further strengthening our partnership as the firm establishes itself as a market-leading wealth management proposition.'

Robert Elliott, chairman of Saranac, added: 'The firm has made great progress in its first year since launch and is pleased to have concluded this latest round of fundraising. The team is proud to have the confidence of such supportive and engaged investors and looks forward to delivering the next phase of growth.'

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