Investment management and financial planning group Tilney Bestinvest has acquired Ingenious Asset Management.
Tilney Bestinvest was in the news this week as a possible suitor of Towry; rumours which were quickly denied by both parties.
Ingenious, which has £1.8bn of client assets under management and 41 staff based in London, is a discretionary investment manager servicing high net worth and ultra-high net worth clients. It also offers investment services to financial advisers.
As usual the deal is subject to regulatory approval and is expected to complete in April. The enlarged group will be responsible for £11.2bn of assets, of which over 80 percent will be managed, or advised.
Chief Executive of Ingenious Asset Management Guy Bowles will become Head of Investment Management (London) for Tilney Bestinvest and David Rosier, Chairman of Thurleigh Investment Managers (acquired by Ingenious Asset Management in April 2014), will become a Senior Adviser to Tilney Bestinvest Group.
Chief Executive of Tilney Bestinvest Peter Hall: “The acquisition of Ingenious Asset Management will significantly increase our investment management capability in London and our business supporting financial intermediaries. The team at Ingenious Asset Management are very high quality professionals and their investment approach is complementary to our own so we believe this represents an excellent combination.”
Bowles said: “When we launched Ingenious Asset Management in 2003, we were determined to create a business that combined modern investment techniques with a traditional emphasis on delivering a highly personal service. In Tilney Bestinvest we have found a firm which very much shares that approach and has a similar investment process to our own, with a strong emphasis on proprietary investment research. Tilney Bestinvest is also investing heavily in systems and has an excellent infrastructure to support and grow a modern investment management business.”