The proposed merger between London & Capital and Waverton Investment Management, which was revealed in February, has been finalised with the Financial Conduct Authority’s (“FCA”) permission.
With the two companies starting their merger, Guy McGlashan is leading the combined company as its CEO with immediate effect, while Nick Tucker, the former CEO of Waverton, is joining the board of the combined company.
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For the next few months, the company will be known as L&C Waverton while a brand review process is underway.
This is a smart merger of two strong and expanding firms to form a competitive, independent wealth and asset management with AUM of more than £19bn ($24bn).
The new company will service a diverse client base, including high and ultra-high net worth families, charities, financial advisers, and institutional clients in the UK and around the world.
It will use a strong and scalable operating platform to deliver great worldwide advisory and planning capabilities, supported by top-tier investment performance and wealth solutions.
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By GlobalDataMoreover, LMP, which was previously the main stakeholder in London & Capital, continued to invest in the acquisition and will now own the majority of L&C Waverton.
Somers Ltd, Waverton’s primary stakeholder since 2013, will remain a key shareholder in L&C Waverton, along with a sizable number of staff shareholders.
McGlashan stated: “Following the FCA’s approval of the merger, we mark a very significant milestone today as we formally start to combine our two businesses to build a market leading client proposition and platform for growth. Looking ahead to the coming months, we will continue to work towards a comprehensive integration, supported by our shared values, client-focused cultures, and entrepreneurial spirit. We are prioritising collaboration, and teams are already co-locating across our office sites to deliver our best-in-class services to clients, who will soon start to see the benefits of our enhanced offering.”
Tucker added: “I could not be more proud of what Waverton has achieved over the past five years and the merger with London & Capital marks the next stage in our ambition to become a market leading wealth and investment manager. Given the shared values and client focused cultures of the two businesses, and the enthusiasm of both teams to make the merger succeed, I am confident that under Guy McGlashan’s leadership, clients of the combined business will soon experience the substantial benefits of the merger.”
“We are excited to see this combination bring together two highly complementary businesses dedicated to serving their clients’ needs” commented Spencer Hoffman, Partner at Lovell Minnick Partners (“LMP”), a US-based private equity firm. “This union creates a robust platform for growth, enhances market reach, and leverages shared resources to drive long-term success.”
