Both firms are based in St James’s in London and the group will trade under the James Hambro & Partners brand, combining the former’s management of private clients and charity portfolios with the latter’s abilities as a financial planner for high net worth clients.
James Hambro is a discretionary manager with around £480m assets under management and administration on behalf of 102 families, charities and trusts; Calkin Pattinson gives financial planning advice to 2,000 individual clients and charities, with £600m AUM.
Once the deal is complete, Charles and Paul Calkin will become partners in James Hambro & Partners, under chief executive Andy Steel.
The new business is described as “ideally positioned” to win new business from clients “… particularly those dissatisfied with the service offered by the large banks”.
Steel commented: “We have attracted a considerable amount of business from major banks in the last year and we expect this to accelerate with a broader service offering in place. In a post-RDR world the combination of independent financial advice with a tailored portfolio management capability should further increase our ability to attract business”.
