Albion Ventures, one of the UK’s largest independent venture capital investors, is to acquire OLIM Investment Managers from Close Brothers Group.
The deal is subject to regulatory approval and terms of the deal have not been disclosed.
Fund manager OLIM specialises in UK quoted equities and has around £490 million of assets under management. The business focusses on managing money for charities (around £240m), investment and other trusts (£170m) and private clients (£80m).
OLIM has been part of Close Brothers since 2000 and was originally founded in 1986. Joint founder Angela Lascelles will remain CEO of OLIM. The firm’s products include Close OLIM UK Equity Income Fund, the Charity Value and Income Fund, and the Value and Income Trust plc.
The deal forms part of Albion’s strategy to grow and diversify its investment management activities beyond its range of six venture capital trusts.
Managing Partner of Albion Patrick Reeve said: “This is a transformational acquisition for Albion, doubling our assets under management and administration to almost £1 billion. We are delighted with the benefits it will deliver to both sides; OLIM’s expertise in quoted equities adds a new dimension to our business, and there are a number of areas where we can help them grow, including aspects of sales and marketing and our knowledge of specialist investment areas such as health care.”
Chief Executive of OLIM Angela Lascelles said: “We have known the Albion team for many years and there is a strong complementary fit between the businesses, both in terms of investment focus and culture. We are really looking forward to joining them.”
Chief Executive of Close Brothers Asset Management Martin Andrew said: “As we continue to focus on developing our integrated wealth management proposition, we decided to look for a new owner for OLIM who is better placed to take the business to the next stage of its evolution. We know Albion well, we welcomed their approach and wish the enlarged business every success in the future.”