IFA network On-line Partnership group has been acquired by US-based asset manager Russell Investments.
Russell has acquired the entire share capital of the 600-strong adviser network as part of the deal and is looking to strengthen its relationships with UK independent financial advisers (IFAs), the firm said.
It intends to expand the services provided by On-line's advisers by bringing new resources to its existing investment research, technology and administration capabilities,
It said it would also increase training opportunities to "help advisers thrive and better serve their clients in what is a new era for financial advice".
On-line's senior team will remain in place following the take-over.
Russell Investments managing director of retail and partnerships for the UK Greg Stark said: "When we were looking to expand our existing relationships with UK advisers, On-line Partnership group stood out because of the strength of its business model, the quality of the member base, and its robust compliance culture."
On-line group chief executive Kevin McDonagh added: "This acquisition is excellent for our members. Russell Investments shares our principal goal, which is to help advisers run sound and successful businesses for the benefit of investors.
"They have the heritage, resources and experience to invest in our business and enable us to grow. This will allow us to better support our members as they seek to meet the increasingly sophisticated needs of their clients."
Russell Investments is a Seattle-based asset management firm with £152bn of assets under management. The firm offers actively managed multi-asset portfolios and services that include advice, investments and implementation. It has 16 offices around the world.
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