The arrangement is Ackermans & van Haaren’s first foray into the UK market and will be made through its wealth management affiliate firm Delen Investments. The deal is subject to regulatory approval and expected to be finalised in Q3.
AvH/Delens will acquire 70% of JM Finn with the latter’s management and staff owning the remaining 30%. Delen Investments is to finance the €67m (£60m) offer for the 70% stake out of its own cash resources.
The combined business will run almost £20bn of private client assets, £6.3bn of which comes from the UK firm.
Luc Bertrand, CEO of AvH said: “Over the years, Delen has built a position as one of the top two independent wealth managers in Belgium, and has for some time been seeking to acquire a presence in another European market beyond Luxembourg and Switzerland, where they have long established subsidiaries.
“We have concluded that the UK onshore wealth management market is particularly attractive due to the established equity culture and the increasing penetration of discretionary management, which leads to high quality of revenues and earnings.”
"For our clients, there will be no change, but the support of a prominent European group will clearly be positive. For our people, the raised growth will lead to more opportunities as we raise our profile and attract more new clients," said JM Finn chairman James Edgedale.
AvH is a diversified organisation working across a number of areas that include contracting, dredging and concessions and real estate. Delen Investments is its asset management and advice arm, looking after largely private clients.
