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Evelyn Partners has announced that it has reached an agreement to acquire Dart Capital, a boutique wealth manager based in the City of London.
The transaction, which is subject to regulatory approval, is expected to complete later this year.
Dart Capital is a well-established business, incorporated in 1987, which has been led by chief executive Richard Whitehead since a management buyout in in 2008.
Since 2008 it has grown its assets under management from £120m to £739m.
The 19-strong Dart Capital team provide personalised advice and discretionary investment management services for a high end client base.
This includes the partners of leading accountancy and law firms, senior executives, business owners and retirees.
Commenting on the deal, Richard Whitehead, chief executive of Dart Capital, said: “We are very proud to announce that Dart Capital is becoming part of Evelyn Partners.
“Both companies champion similar core values, and we are confident in the opportunity of growth and investment that this exciting development presents for our clients and the company.
“Evelyn Partners’ additional depth and breadth of resource will help us continue to nurture, preserve, and grow our clients’ wealth. We are excited for the future and look forward to supporting our clients in our new home.”
Outgoing Evelyn Partners group chief executive Chris Woodhouse added: “Richard and his team have built an impressive business over many years that supports a top-tier client base. We are delighted that they have chosen to become part of Evelyn Partners at an exciting time of growth and development for the group. The cultural fit between the two business is excellent, with both firms focused on understanding the needs of our clients and delivering a highly personalised service.”
Last week Evelyn Partners revealed Woodhouse would be stepping down after after five and half years in the role.
In that period Woodhouse oversaw the merger of Tilney and Smith & Williamson to become Evelyn Partners, one of the UK’s largest wealth managers.
Paul Geddes will be the group’s next chief executive officer, subject to regulatory approval.
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