MitonOptimal has acquired Central Investment Planning (CIP), a Wolverhampton-based wealth advisory firm, for an undisclosed amount.

CIP, which offers investment advice to high net worth clients, will now operate under the MitonOptimal Portfolio Management name.

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The transaction adds over £100m in assets to MitonOptimal’s books. MitonOptimal said the deal will allow it to develop its bespoke portfolio management proposition.

MitonOptimal international managing director Scott Campbell said: “As we continue to develop our discretionary fund management, model portfolio services and funds business on a global basis, this was a sensible next step for both parties.”

CIP directors Sandy Baker and Fiona McCaig will join MitonOptimal as part of the deal.

“We wish to focus on delivering superior client service and can leverage off the significant investment management experience, processes and resource that MitonOptimal has at its disposal. The deal puts in place a long-term secure investment solution for our clients,” Baker stated.