Momentum UK (Momentum), the UK arm of South African financial services firm MMI Holdings, has acquired the Adviser Solutions business from London & Capital.
The acquisition will sit within Momentum Global Investment Management and comes as Momentum looks to continue to grow its presence in the UK retail market.
Momentum, which designs and manages outcome based, risk profiled investment solutions for clients in the UK, Far and Middle East and South Africa, identified a strong correlation between its own investment philosophy and that of the Adviser Solutions.
Having concluded the deal, Momentum will take immediate responsibility for the investment management of the 15 model portfolios under a sub-investment management agreement and then assume full responsibility for the Adviser Solutions on 1 July 2016.
Momentum Global Investment Management’s head of UK Business Development Andy Davies commented: “This is an exciting time for us all at Momentum as we look to develop new relationships through this deal and we look forward to spending the next few weeks talking to the IFA’s who currently use the Adviser Solutions about how we will support them and their clients going forward.”
Ferdi van Heerden, Momentum UK CEO said of the deal: “This acquisition presents us with a great foundation on which to accelerate our growth as an investment solutions provider to the UK adviser market.
“With the addition of a mature DFM solution to complement our unitised Factor Series fund range, we now have a proposition that can cater for a wide range of IFA’s customer needs.”