London & Capital, the wealth management company with a strong footprint in captives, has announced an agreement to merge with Waverton Investment Management Group.
The combined entity will have more than £17bn in assets under management, with London & Capital’s majority shareholder Lovell Minnick Partners (LMP) having the majority shareholding in the combined business.
Waverton works closely with private clients, charities and institutional investors, but has not previously worked with insurers.
London & Capital is an investment manager that works with captives and insurers across Europe, the United States and offshore jurisdictions such as Guernsey, Bermuda, the Cayman Islands and Barbados.
Guy McGlashan, CEO of London & Capital, will be CEO of the combined business.
“We’re genuinely thrilled to announce our merger with Waverton,” McGlashan said.
“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.
“Providing personalised service and retaining our entrepreneurial spirit has always been paramount, and the cultural fit with Waverton is perfect.”
LMP will provide “growth capital and strategic backing” for the business with a focus on enhanced client service, increased investment in technology, and continued product and geographic expansion.
Somers Ltd, the majority shareholder in Waverton since 2013, will continue as a significant shareholder in the combined business.
“We have a track record of successful partnerships with growing companies run by proven, dynamic management teams,” said Spencer Hoffman, partner at LMP.
“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.”