Ravenscroft has announced it is expanding into the Isle of Man with the acquisition of WH Ireland's subsidiary on the island.
Ravenscroft Holdings, the parent of the UK-based investment services company, has entered into a conditional agreement with WH Ireland to acquire 100% of the issued share capital of WH Ireland (IoM) for an undisclosed sum.
The Isle of Man business provides a broad range of investment management services to a diverse and largely institutional international client base, with AuM of more than £300m.
It was important to us that we found new owners for the Isle of Man business who had the energy and focus to drive it forward."
The six employees in the Isle of Man will all join Ravenscroft with the group now employing 120 people across its offices in Guernsey, Jersey and the UK. This will be the first time Ravenscroft has had an office in the Isle of Man and follows its recent expansion into the UK through the acquisition of the investment management portfolio from legal and financial services company Tees earlier this year.
The Isle of Man business, which will be known as Ravenscroft (IoM) Limited and trade as Ravenscroft, will continue to offer discretionary asset management and it is expected to expand its offering to include all Ravenscroft's services, which includes execution only trading, advisory investment services, discretionary investment management, cash management and the dealing in and storage of precious metals.
Ravenscroft group managing director Mark Bousfield, commented: "Ravenscroft's strategic expansion continues to be achieved through both organic growth and targeted acquisitions of businesses that either expand the services we provide or allow us to offer those services in a new jurisdiction.
"What has been imperative with all acquisitions is a similar culture and commitment to clients and we have found that in WH Ireland (IoM). Ravenscroft's experience and knowledge of being in Guernsey and Jersey will be particularly invaluable as we establish ourselves in the Isle of Man."
Will Corrin, managing director and head of WHI Ireland (IoM) Limited, said: "We are excited and energised about being part of Ravenscroft, which is a dynamic, growing and entrepreneurial company. We already know that it will enhance our offering and provide additional benefits to our clients."
Head of investments at WH Ireland (IoM) Limited David Bushe, added: "Ravenscroft's experience in the Channel Islands means they understand the importance of being part of an island community, which we know will be appreciated by existing and future clients."
Philip Wale, CEO of WH Ireland, said: "WH Ireland's Isle of Man office was our only offshore presence and following recent senior hires, we reviewed the whole business and decided to concentrate on the UK market. It was important to us that we found new owners for the Isle of Man business who had the energy and focus to drive it forward. I am absolutely confident that we have that in Ravenscroft and we will maintain close contact to ensure a seamless transition."
The deal is subject to approval from the Isle of Man Financial Services Authority.