Toscafund Asset Management has agreed to purchase a significant minority stake in Plurimi Wealth, an independent wealth manager based in London.
Plurimi was founded by Ramzy Rasamny in 2008 and currently manages $3bn in assets. The firm has offices in London,Gibraltar,and Dubai.
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By GlobalDataToscafund will buy the stake through Tosca Private Investments Fund, which focuses on small/mid-market private equity opportunities in the European financial services sector. The latest deal is the first investment by TPIF.
The deal, whose financial terms were not disclosed, is subject to regulatory approvals.
Toscafund partner George Koulouris said: “We are delighted to join the existing equity partners of Plurimi and support the continued growth and development of the business as it seeks to grow its market-leading proposition to become the foremost independent wealth manager in the UHNW segment.
“We were attracted to Plurimi’s innovative and scalable business model and see great growth potential which we can support by providing capital to the company as required.”
Plurimi’s founder and senior partners will retain majority of the business following the acquisition. The business will continue to be managed by Rasamny and its existing senior executives.
“We are determined to materially grow the business and to take advantage of disruptions created by new regulation and the digitalisation trends in the sector. TPIF and Plurimi are aligned in this vision as well as the growth outlook for Plurimi and the independent wealth management industry,” Rasamny stated.