UK-based private client specialists Thesis Asset Management has launched an acquisition strategy with plans to add small to medium-sized discretionary fund management and private client firms to its ranks.
Following a management buyout earlier this year Thesis said in a statement that it is bidding to boost its assets under management and client bank with a series of acquisitions that have become available due to what it calls “the regulatory burden increases” due to MiFID II and GDPR changes.
The ‘acquisition trail’ has started with the purchase of Cambridge Fund Managers (CFM), a Bath-based discretionary investment manager with around £30m in funds under management.
Expected to complete on 31st December, the deal will result in approximately 80 clients being invited to invest with Thesis.
The deal comes as part of a wider acquisition strategy by Thesis following the successful management led buyout earlier this year. The company said that it is interested in exploring further opportunities with smaller discretionary fund managers (DFMs) who are considering their options.
Lawrence Cook, director of marketing and business development, Thesis, said: “The management buyout earlier this year has resulted in a more expansive attitude for the company, and this deal is part of the growth that we want to achieve. Henry has built a fantastic company, but understands the need to implement a successful succession strategy to ensure his clients have a positive experience. We are delighted to work with him in achieving this.
“We are keen to explore further opportunities where smaller DFMs are considering their options, particularly as the regulatory burden increases with the likes of MiFID II and GDPR. While the regulation is sensible, it is difficult for smaller organisations to meet the impending responsibilities and obligations, and this is where we want to help firms and their clients.”
Henry Cottrell, owner of Cambridge Fund Managers, added: “After a successful 25 plus years with Cambridge Fund Managers, we felt it was the right time to look at the next step in the company’s journey. It is more important than ever to get succession right for clients and we believe we have found the best buyer to provide them with a seamless transition and excellent service thereafter.”
Thesis Asset Management has approximately £13.6bn of funds under management and administration (as at 30 June 2017), and invests on behalf of private clients, charities, pension funds and trusts.