London & Capital Group has agreed to merge with Waverton Investment Management, creating a wealth manager with £17bn assets under management.
If the deal receives regulatory approval, US private equity firm Lovell Minnick Partners (LMP) will take a majority shareholding in the combined business.
The firm is currently London & Capital’s largest shareholder.
London & Capital chief executive Guy McGlashan will become CEO of the combined business.
“The merger of Waverton with London & Capital is a hugely exciting stage in Waverton’s evolution for our clients, our staff, and our shareholders,” said Nick Tucker, CEO of Waverton.
“Our two businesses share a similar culture of providing outstanding client service combined with a laser like focus on investment performance and we look forward to strengthening our investment capability while enhancing our offerings in the wealth management and advisory services space.
“This partnership coupled with the support of LMP will accelerate the growth of our combined business for the benefit of all shareholders and I am looking forward to working with Guy to achieve our vision for the merged business.”
