Thomas Miller Investment acquires the wealth management business of Broadstone
Thomas Miller Investment, a member of the 128 year old Thomas Miller Group of companies, announces the acquisition of Broadstone's wealth management business, for an undisclosed consideration.
Broadstone provides wealth management services to private clients, pension funds, charities and companies. Broadstone manages and advises on approximately £400 million of assets*, and has offices in Glasgow, Southampton, Birmingham, Chelmsford and London. Subject to FCA approval, Thomas Miller Investment has agreed to acquire Broadstone Wealth Management Ltd.
Thomas Miller Investment provides services to institutions and private clients both on and offshore. Operating out of London, Edinburgh and the Isle of Man, Thomas Miller Investment currently manages £2.4bn of funds under management.
Combined with the acquired businesses, Thomas Miller Investment will manage and advise on circa £2.8bn of assets with approximately 90 staff across 7 locations.
Broadstone's Managing Director, Private Clients, Matthew Phillips, will take responsibility for Thomas Miller Investment's wealth management operation in the UK and report to Mike Balfour, Chief Executive Officer, Thomas Miller Investment.
The deal is part of a wider growth strategy to build Thomas Miller Investment into a leading investment management business, both organically and through acquisition.
Mike Balfour, Chief Executive Officer, Thomas Miller Investment, says: "The team at Broadstone share our philosophy and culture of providing a highly professional service for clients. They will be a valuable addition to our investment capability and provide a national wealth management offering in addition to our other offices. This is a clear demonstration of our ambition in the provision of private client wealth management."
Matthew Phillips, Managing Director, Private Clients, Broadstone, says: "We are passionate about providing our clients with a high level of service and maintaining our market leading proposition in the long term. The additional expertise and resources we will gain as part of Thomas Miller Investment will deliver long term value to our clients. Thomas Miller Investment's culture and heritage are complementary to ours and we have been very impressed with the calibre and depth of their investment team. We look forward to being part of that team and believe this strategic decision is in the best interests of our clients, staff and wider stakeholders".
IMAS, the leading independent M&A adviser in the financial services industry, acted for Thomas Miller Investment.
Thomas Miller Group
You may also be interested in:
Thomas Miller Specialty, in partnership with HDI Global SE, launches marine and energy offshore capability in Singapore
Thomas Miller Specialty has recruited senior marine and energy underwriter Mark Nunn as its specialist offshore underwriter in Asia Pacific
The UK P&I Club, one of the leading providers of P&I insurance and other services to the international shipping community, has appointed William Beveridge as its new Chief Underwriting Officer. He joins the UK Club on completion of his current employment obligations.
Thomas Miller Specialty Construction agree a three-year partnership with Aviva to provide capacity for their latent defect offering
Thomas Miller Specialty, a global insurance provider across a number of sectors including Marine P&I and Offshore Marine and Energy, has announced that its three year close and collaborative partnership for fixed premium P&I with AIG will end with effect from 1st January 2022