London & Capital and Waverton have agreed to merge businesses.
This strategic decision between London & Capital and Waverton, which is subject to regulatory approval, will combine international advisory and planning expertise from London & Capital with Waverton’s investments and wealth solutions to develop an established independent wealth management firm.
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Together the new merged firm will have an AUM of more than £17bn ($21bn) and will integrate the two groups’ equivalent client-focused cultures while ensuring complementing investment methods based on global market access and active and direct investment strategies.
London & Capital and Waverton have both experienced significant growth in recent years, and this merger will broaden their client offers and international footprints by providing better investment options, financial planning expertise, and larger customer propositions.
Moreover, the main stakeholder of London & Capital, Lovell Minnick Partners (LMP), a US-based private equity firm that invests in progressive financial services companies, will acquire a controlling interest in the combined company.
The unified business will be able to offer better client service, invest more in technology, and expand its product and geographic reach due to LMP’s growth financing and strategic guidance.
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By GlobalDataAs the company’s largest stakeholder since 2013, Somers Ltd. will remain a substantial stakeholder in the new venture, and Guy McGlashan, the CEO of London & Capital, will lead the new entity as CEO.
“We’re genuinely thrilled to announce our merger with Waverton. Our shared commitment to a client-focused approach aligns seamlessly, and we believe this combination will elevate our ability to effectively scale while delivering unparalleled client service, investment opportunities, and wealth solutions,” said McGlashan.
“Providing personalised service and retaining our entrepreneurial spirit has always been paramount, and the cultural fit with Waverton is perfect. This partnership marks a pivotal moment for all of us, promising not just growth but a continuation of the values and service excellence we’re both proud to uphold. Nick and the team have built an exceptional business and I look forward to working with them on this next phase.”
“The merger of Waverton with London & Capital is a hugely exciting stage in Waverton’s evolution for our clients, our staff, and our shareholders,” commented Nick Tucker, CEO of Waverton. “Our two businesses share a similar culture of providing outstanding client service combined with a laser like focus on investment performance and we look forward to strengthening our investment capability while enhancing our offerings in the wealth management and advisory services space. This partnership coupled with the support of LMP will accelerate the growth of our combined business for the benefit of all shareholders and I am looking forward to working with Guy to achieve our vision for the merged business.”
Spencer Hoffman, partner at LMP added: “We have a track record of successful partnerships with growing companies run by proven, dynamic management teams. The combined experience and skillsets of these two businesses will provide an enhanced level of service for clients, creating a firm with scale and differentiation to be rivalled in the industry. We look forward to supporting Guy and the talented management teams to expand service offerings, enhance technology capabilities, and shape a prosperous future for our clients, employees, and stakeholders.”
London & Capital Group was advised by Rothschild & Co. and Proskauer, while Waverton Investment Management received advice from Spencer House Partners.
