Thesis Asset Management has acquired a Bath-based discretionary investment manager as it eyes expansion following its management buyout earlier this year.
The deal to acquire Bath-based Cambridge Fund Managers for an undisclosed sum, which has around £30m in funds under management, is slated to close on 31 December 2017.
Its 80 clients have been invited to invest with Thesis.
The acquisition is part of a wider strategy to buy small discretionary fund managers (DFMs) that are ‘considering their options’.
‘After a successful 25 plus years with Cambridge Fund Managers, we felt it was the right time to look at the next step in the company’s journey,’ said Henry Cottrell, owner of Cambridge Fund Managers.
‘It is more important than ever to get succession right for clients and we believe we have found the best buyer to provide them with a seamless transition and excellent service thereafter.’
Commenting on the purchase Lawrence Cook (pictured), director of marketing and business development at Thesis, said: ‘The management buyout earlier this year has resulted in a more expansive attitude for the company, and this deal is part of the growth that we want to achieve.'
Thesis Asset Management has approximately £13.6 billion of funds under management and administration.
Earlier this year, the Chichester-based wealth manager received a £47 million bid from a consortium of private investors.
‘Henry has built a fantastic company, but understands the need to implement a successful succession strategy to ensure his clients have a positive experience. We are delighted to work with him in achieving this,’ added Cook.