Premier Miton Group has completed its acquisition of equities boutique Tellworth Investments.
The deal was first announced in November last year.
The acquisition expands Premier Miton’s offering into liquid alternatives with the addition of long/short strategies. Tellworth also brings in strategies with potential for institutional distribution.
It follows on from the recent announcement of the group’s appointment as investment manager to GVQ Investment Funds (Dublin), which is expected to complete in February 2024 subject to regulatory approval.
The price paid for Tellworth is on AUM at completion of the deal. At the time of announcement in November, the deal was worth £5.5m, though the final sum was not disclosed.
Of this, 75% of the proceeds will go to Tellworth co-founders Paul Marriage and John Warren, split 25% in cash and 75% in PMI shares. The remaining 25% will go to minority owner BennBridge Hold Co, which is exiting.
Marriage and Warren will join the enlarged Premier Miton Group. Tellworth will transition onto the Premier Miton platform in June.
Mike O’Shea (pictured), chief executive officer of Premier Miton, said: “We are delighted that FCA approval has been received for the merger of Tellworth and Premier Miton, and we look forward to moving forwards into 2024 as one business.
“The Tellworth investment team are well-respected within the industry and have generated excellent outcomes for investors. We look forward to the team continuing this success at Premier Miton, with Tellworth forming an integral part of our long term growth plans.”
Tellworth’s Marriage added: “This is an exciting opportunity to join an established and successful UK equity investment team and a growing business which shares our commitment and passion for investment excellence.
“Our specialisms provide further diversification to Premier Miton’s existing UK equity range and a broader range of UK equity solutions for clients. Leveraging Premier Miton’s strong distribution, marketing and operational platform will enable us to further grow the Tellworth brand over the coming years.”