Albion Ventures, a UK-based independent venture capital investor, has agreed to acquire OLIM Investment Managers (OLIM) from Close Brothers Group for an undisclosed sum.
OLIM, which specialises in UK equities with a particular focus on charities, oversees £490m in assets.
The firm has been part of Close Brothers since 2000, and offers a range of investment products such as the Close OLIM UK Equity Income fund, Charity Value and Income fund and the Value and Income trust.
Close Brothers Asset Management CEO Martin Andrew said: “As we continue to focus on developing our integrated wealth management proposition, we decided to look for a new owner for OLIM who is better placed to take the business to the next stage of its evolution.”
Co-founder Angela Lascelles will continue to serve as the CEO of OLIM following the acquisition, which is subject to regulatory approval.
The current investment management team will continue to manage the firm’s funds and segregated portfolios, Albion Ventures said.
Albion managing partner Patrick Reeve said: “This is a transformational acquisition for Albion, doubling our assets under management and administration to almost £1 billion.
“We are delighted with the benefits it will deliver to both sides; OLIM’s expertise in quoted equities adds a new dimension to our business, and there are a number of areas where we can help them grow, including aspects of sales and marketing and our knowledge of specialist investment areas such as health care.”