WH Ireland has received the clearance from the Isle of Man Financial Services Authority (FSA) for the divestiture of its Isle of Man (IOM) arm to investment manager Ravenscroft.

The deal, where Ravenscroft will acquire 100% of WH Ireland IOM’s issued share capital, was announced in June this year.

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“Accordingly, all conditions set out in the associated sale agreement have now been satisfied and the transaction is deemed to have completed with immediate effect,” WH Ireland said in a statement.

The Isle of Man unit offers investment management services to mainly institutional clients and manages assets of over £300m.

WH Ireland IOM’s six employees have been retained. The business will now trade as Ravenscroft (IOM).

With the acquisition, Ravenscroft will have 120 employees across its offices in Guernsey, Jersey and the UK.

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At the time of deal announcement, Ravenscroft group managing director Mark Bousfield said:  “Ravenscroft’s strategic expansion has been through both organic growth and targeted acquisitions of businesses that either expand the services we provide or allow us to offer those services in a new jurisdiction.

“What has been imperative with all acquisitions is a similar culture and commitment to clients and we have found that in WH Ireland (IOM) Limited.

“Ravenscroft’s experience and knowledge of being in Guernsey and Jersey will be particularly invaluable as we establish ourselves in the Isle of Man.”

In the year ended 31 March 2020, WH Ireland saw significant reduction in costs with administrative expenses decreasing from £33.4m to £25.8m on a year-on-year basis.

However, revenue dipped 3% from £23.7m to £22.9m.

With the decommissioning of legacy platforms being completed, exceptional items fell to £1m from £4.1m.

In its wealth management unit, total AUM dropped to £1.8bn from £2.5bn amid adverse market conditions.