Investment services group Ravencroft has completed its acquisition of MitonOptimal Portfolio Management Channel Islands.
The business offers discretionary fund management (DFM), private client and fund management services to a global client base.
Financial details of the deal, which sees South Africa-headquartered MitonOptimal Group exit the Channel Islands, have not been disclosed.
It is the second divestment the company has made in the past few months.
When Ravenscroft made an offer for the Guernsey-based operation in November 2021, MitonOptimal Group had just inked a deal to sell its UK DFM business to Alpha Beta Partners.
In addition to its South Africa operations, the firm continues to operate in the UK under the MitonOptimal UK Portfolio Management brand.
‘Enhanced range of offerings’
Ravenscroft group managing director Mark Bousfield said: “MitonOptimal’s team will bring with them considerable experience and provide us with further opportunities for growth in the Channel Islands, the UK and further afield.”
Simon Sharrott, group chief executive and joint managing director of MitonOptimal Portfolio Management (CI), added: “My colleagues and I are excited to be part of a dynamic organisation and joining a team that shares the same strong commitment to the highest levels of service and performance for clients across the enhanced range of offerings that, in addition to investment management, includes stockbroking, cash management and precious metals dealings.”
Ravenscroft expects to close another acquisition in the coming months – Guernsey-headquartered insurer Verity Life.
