The merger will create a combined wealth management business responsible for £9bn of client money.
Bestinvest chief executive Peter Hall said the group had seen strong growth in recent years with “excellent” business prospects, adding he was looking forward to the new "exciting" chapter ahead.
He pointed out that the combined group would now be better placed to service clients across the wealth spectrum, whether self-directed, needed advice or discretionary portfolio management.
Philip Muelder, partner in the financial services team at Permira, said: “The UK wealth management industry has strong organic growth characteristics but it also remains fragmented which presents consolidation opportunities. Bestinvest is exceptionally well-positioned on both fronts.”
