Tatton Asset Management has taken a 50% stake in independent asset manager 8AM Global.
The Wilmslow-based investment manager paid £7million and has an option to acquire the remaining 50%.
Paul Hogarth, Managing Director of Tatton Asset Management, said: “After completion, this will be the second acquisition in less than a year for the group, demonstrating that we are executing on our three-year ‘roadmap to the growth”.
Last September, Tatton bought the Verbatim Funds from Fintel for £5.8 million and entered into a five-year strategic partnership with Fintel.
Hogarth added: “With a three-year target of £6.0bn of growth in assets under management, at the end of the first year we remain on track to achieve this.
“This year we have grown organically by £1.7 billion and acquisitions to date have contributed an additional £0.6 billion, for a total contribution of £2.3 billion. at the goal and, at the end, 8 a.m. will increase that number even further.”
Jeremy Nunn, Managing Director of 8AM Global, added: “The sale will allow 8AM to capitalize on its success and give us access to the know-how and expertise of one of the market leaders in MPS. [Managed Portfolio Service] space.
“It will serve as a springboard for the growth of our assets under management and provide advisors and investors with the assurance that the development and resilience of 8AM products will continue to be at the forefront of our plans.”