The transaction was agreed for an undisclosed sum and is expected to be completed in the first quarter of next year, subject to regulatory approval.
Bestinvest said that despite the move, Permira, another European private equity firm, was keen to back its intentions to capitalise on the advice gap created by the RDR.
“In looking for a partner to support the future growth of the business, the Permira funds stood out in their understanding and appreciation of our ethos and commitment to invest in the management team’s growth strategy,” said Bestinvest’s chief Peter Hall, as he announced the deal.
Hall did not touch on Bestinvest’s plan to penetrate Asia, following its announcement earlier this year to team with advisory Infinity Financial Solutions to represent its portfolios and wealth management solutions across the region.
3i, meanwhile, said that throughout its investment Bestinvest had “transformed” as a business and continued to grow, despite the challenges in markets.
“Today Bestinvest has around £5bn of funds under management and a strong reputation in the industry. As Bestinvest enters a new phase of development we thought now was the time for us to realise the value created with the management team and introduce a new partner to support the company’s future growth,” said Ian Lobley, a partner at 3i, as he commented on the transaction.
By selling its stake, 3i is understood to have generated proceeds of £45m, and will receive proceeds of around £25m.
It bought its stake in Bestinvest in 2007 and helped lead a phase of investment and its push into the online marketplace.
