US private equity firm Lovell Minnick Partners has agreed to acquire a majority stake in wealth and asset manager London & Capital.
London & Capital is an independently owned, London-based, wealth and asset manager with £4.1bn in assets under management.
As part of the transaction, London & Capital's management team will continue to lead the business and will retain a significant minority stake. Financial terms were not disclosed.
London & Capital has operated in London's wealth management sector for over 30 years, focusing on serving domestic and international high-net-worth and ultra-high-net-worth individuals, including many who have US connections, and institutions.
London & Capital has extended its services into Europe to support clients post-Brexit and developed multiple new services and technology solutions for its expanding client base.
The Company now serves over 800 private and institutional clients. Of the company's 120 employees, more than 50 are dedicated investment professionals and financial advisers working directly with clients.
Guy McGlashan, chief executive officer at London & Capital, said: "We chose to partner with LMP because of the firm's excellent track record of working with management teams to scale and enhance wealth and asset management firms. Their deep experience in the space and our sense of shared values and culture align with our focus on providing an exceptional service and experience for our clients.
"We are at an exciting point in our evolution as a firm and attracting the private investment plus the operational support LMP offers, will allow us to expand our client solutions, grow internationally, invest in technology, and bring on new teams. We look forward to working closely with the LMP team."
Spencer Hoffman, Partner at LMP, said: "London & Capital's long-standing success and stability is a testament to their comprehensive and client-centric approach to wealth and asset management.
"Their excellent client relationships, strong culture and talented teams position them very well for organic and inorganic growth in what are largely fragmented markets both locally and internationally."
Elaine Freedman, wife of the late founder of London & Capital, Daniel Freedman, said: "Daniel would have been very pleased to see the continued success of the business as it moves into this new phase.
"We are delighted with the new partnership with LMP and wish them and the management team every success in the future."
The transaction is expected to close in the fourth quarter of 2022, subject to customary regulatory reviews and approvals. R
London & Capital has offices in London, Barcelona and Barbados and is one of the few UK based wealth and asset managers which are UK (FCA), US (SEC) and EU (CNMV) regulated.
LMP is a private equity firm focused on investments in financial services, financial technology and related business services. Since inception in 1999, it has raised $3.5bn of committed capital from leading institutional investors.
