Guernsey-based discretionary fund management firm MitonOptimal International has agreed to acquire UK fund management company Coram Asset Management for an undisclosed sum.
The deal is subject to regulatory approval.
Coram, co-founded by James Sullivan and the late Martin Gray, has been managing MitonOptimal’s Offshore Special Situations fund since December 2014. Before the creation of Coram, the fund was co-managed by Sullivan and Martin Gray at Miton.
MitonOptimal managing director and CIO Scott Campbell said: "Continuing with the successful long-term investment process for our client’s assets was paramount and James Sullivan and Mel Kennard have proven to be very competent fund managers and business operators respectively.
"We are excited at the prospect of their joining the MitonOptimal team as we continue to develop our discretionary fund management (DFM), advisory services and funds business on a global basis."
Coram co-founder and fund manager James Sullivan added: "Martin Gray’s influence at Coram Asset Management as a co-founder, fund manager and shareholder was significant and his passing marked an inflection point in our business model which led us to explore a number of options available to us."
MitonOptimal offers multi-asset funds, discretionary fund management and advisory services intermediaries and institutional investors worldwide. In addition to Guernsey, the firm also operates in South Africa, Singapore and the Isle of Man.