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London & Capital and Waverton Announce Merger

By London & Capital | 29 Feb, 2024

We are delighted to announce today, that we have reached an agreement to merge our business with Waverton. This strategic move, which is subject to regulatory approval, will bring together our international advice and planning expertise with the investment performance and wealth solutions of Waverton to create a leading independent wealth management business.

The new combined entity will have an AUM of over £17 billion and bring together the two groups’ similar client-focused cultures, retaining the complementary investment styles focused on access to global markets and active and direct investment approaches. London & Capital and Waverton have both seen strong growth in recent years and this merger will expand client offerings and international footprints with enhanced investment opportunities, financial planning expertise and broader client propositions.

Lovell Minnick Partners (“LMP”), a US-based private equity firm investing in growth-oriented companies in financial services, and London & Capital’s majority shareholder, will take a majority shareholding in the combined business. LMP will provide growth capital and strategic backing to the combined company, enabling the delivery of 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 new business.

Guy McGlashan, CEO of London & Capital, will be CEO of the combined business.

“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,” said 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.”

“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.”

Rothschild & Co and Proskauer advised London & Capital Group, and Waverton Investment Management was advised by Spencer House Partners.

ABOUT WAVERTON

Waverton Investment Management Limited (“Waverton”) is an independent investment management business. Its investment approach is global, direct and active delivering top decile results. Waverton adopts a global perspective, investing directly into each asset class which are actively managed to ensure stable, long-term returns for clients. In doing so, they leverage the collective skills and experience of the investment team across global markets, embedding Environmental, Social and Governance (“ESG”) principles to maximise performance across four channels: Private Clients, Financial Advisers, Charities and Institutional Investors.

Headquartered in London, and with offices in Edinburgh and Glasgow, Waverton is a growing firm with over £11bn in Assets Under Management (AUM) and 175 employees. The Group includes Waverton Wealth Planning LLP and Waverton Investment Management Ltd and both are authorised and regulated by the Financial Conduct Authority. Waverton Investment Management is also regulated by the SEC.

MEDIA CONTACTS

Victoria Ainsworth, Hawthorn Advisors
Email: waverton@hawthornadvisors.co.uk

Contact number: 07894 995886

Victoria Carroll, London & Capital
Email: victoria.carroll@londonandcapital.com

Sasha Dabliz, Waverton
Email: sdabliz@waverton.co.uk

To get in contact with London & Capital, please give us a call on +44 (0) 207 396 3388 or click here.

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