London & Capital has shed its UK wealth business as it focuses on its international private client business and institutional clients.
Two advisers will join Foster Denovo as part of the deal, which sees servicing of UK wealth client portfolios transferred to the national advice firm, which has over 75 advisers across the country.
In a press release, Foster Denovo said clients would benefit from its broader financial planning offering. There would initially be no change to client portfolios or charging, it said.
London & Capital chief operating officer Guy McGlashan said the £3bn firm is focusing on its international specialist segments in the private client market plus its institutional business.
The firm runs money for multi-jurisdictional family offices with a division focused on US investors based in the UK.
McGlashan said: “Transferring our UK wealth clients to Foster Denovo is the next step in this strategy and we strongly believe that Foster Denovo will continue to provide our UK wealth clients with an excellent service and provide a good home for them and the advisers transferring with them.”
Foster Denovo on the hunt for acquisitions
Foster Denovo chief executive Roger Brosch promised more acquisitions in 2019.
“Having been engaged in extensive discussions with the London & Capital senior management team for some time, I am confident that we share the same values and believe their clients and the relationship team will be a natural cultural fit.”
Brosch said it was the firm’s second acquisition this year following the purchase of Orchard Wealth in February. “Our growth strategy is clear, we are well positioned for further deals and intend to be a ‘facilitator’ in the market, able to offer a compelling option for businesses who put the interests of clients and staff high on their list of deal priorities.”
