Wells Capital has acquired fellow discretionary firm Reeves Investment Management in a deal which increases its assets under management by more than £50m.
Reeves IM managing director Eric Clapton has also taken over as managing director of Wells Capital with immediate effect. The Reeves team will relocate from London to Wells Capital's Tunbridge Wells office as part of the deal.
The acquisition will see Wells Capital's assets under management jump to £135m.
"It became clear early on that there were huge similarities, both culturally and operationally, between Wells Capital and Reeves Investment Management, and a combined conviction for client service reinforced this," said Wells Capital owner Karen Vidler.
"Both businesses have the same philosophy of client service and the merger provides a great platform for enhanced investment expertise.
"We look forward to continuing a long term relationship with Wells Capital to make sure our clients continue to receive excellent service," said Clive Stevens, managing partner of Reeves IM parent company Reeves & Co.
Despite improved risk appetite
FOS award limit increase
Relates to 136 million transaction reports
Ceremony will take place 13 November