Close Finsbury Asset Management has bought institutional manager of managers outfit Escher UK Asset Management in the group's first serious move into the pensions market.
Escher, formed in 2000, is run by its founders Stuart Gordon and Steve Delo and has more than £550m of client funds under management, with 127 corporate, pension and other clients.
Its approach draws on the use of two managers with contrasting styles, allowing a product to perform in different markets.
Escher will continue to be run as before but, under the Close Finsbury umbrella, the new owners will have the opportunity to launch retail products based on this style in the future.
Escher existing presence in the retail market has come through Scottish Life's range of pension products.
Scottish Life confirmed that the arrangement will not be affected by the takeover.
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