Toscafund Asset Management, via the Tosca Private Investments Fund, has acquired a significant minority stake in London-based independent wealth manager Plurimi Wealth.

Established in 2008 by Ramzy Rasamny, Plurimi has grown organically to become one of the leading independent wealth management platforms catering to the needs of a sophisticated ultra-high net worth global clientele. It US$3bn in assets under management.

The Tosca Private Investments Fund is a new specialist vehicle that will target small to mid-market private equity opportunities in the European financial services sector. It aims to focus on partnering with founders and entrepreneurs looking to accelerate the growth of their business. Plurimi is their first investment.

 

 

Following the investment, the majority of Plurimi will still be held by the firm’s founder and senior partners. In line with TPIF’s investment philosophy of building partnerships with management teams, Plurimi will continue to be run by Rasamny and current senior executives while leveraging on the expertise and support of TPIF.

Rasamny said, “As a leading independent wealth manager, the investment by TPIF constitutes the cornerstone in Plurimi’s ambition to accelerate its growth strategy and build a truly independent pan-European wealth management platform. We are determined to materially grow the business and to take advantage of disruptions created by new regulation and the digitalisation trends in the sector. TPIF and Plurimi are aligned in this vision as well as the growth outlook for Plurimi and the independent wealth management industry. I am pleased to welcome them to the group.”

 

Fabrizio Cesario, Partner at Toscafund, added: “We are pleased to announce today the first transaction of TPIF. Building on Toscafund’s longstanding track-record in providing growth capital to entrepreneurs, this transaction is a strong fit with TPIF’s objective of providing financial and operational support to strong, fast-moving businesses embracing the opportunities provided by both regulatory and rapid technological change fundamentally disrupting the financial services industry. This transaction also confirms our long held belief in the significant and wide opportunity set in private European small/mid cap financial services, our primary target.”

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