US PE firm Lovell Minnick takes majority stake in wealth manager London & Capital

view original post

Laxman Pai, Opalesque Asia:

US private equity (PE) house Lovell Minnick Partners (LMP) has agreed to buy a majority stake in London & Capital, a specialist wealth and asset manager working with private and institutional clients.

As part of the transaction, London & Capital’s management team will continue to lead the business and will retain a significant minority stake, said a company release.

London & Capital, overseeing GBP4.1 billion ($5.13 billion) of client money, has served at the forefront of London’s wealth management sector for over 30 years, focusing on serving domestic and international high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals, including many who have US connections, and institutions.

According to a press release, London & Capital has grown its AUM, revenues, and profits strongly in the last five years, extended its services into Europe to support clients post-Brexit, and developed multiple new services and technology solutions for its expanding client base. The Company now serves over 800 private and institutional clients.

“We chose to partner with LMP because of the firm’s excellent track record of working with management teams to scale and enhance wealth and asset management firms. Their deep experience in the space and our sense of shared values and culture align with our focus on providing exceptional service and experience for our clients,” said Guy McGlashan, Chief Executive Officer at London & Capital.

“We are at an exciting point in our evolution as a firm, and attracting the private investment plus the operational support LMP offers, will allow us to expand our client solutions, grow internationally, invest in technology, and bring on new teams. We look forward to working closely with the LMP team,” Guy added.

“London & Capital’s long-standing success and stability is a testament to their comprehensive and client-centric approach to wealth and asset management,” said Spencer Hoffman, Partner at LMP. “Their excellent client relationships, strong culture, and talented teams position them very well for organic and inorganic growth in what are largely fragmented markets both locally and internationally.”

“Daniel would have been very pleased to see the continued success of the business as it moves into this new phase,” said Elaine Freedman, wife of the late founder of London & Capital, Daniel Freedman. “We are delighted with the new partnership with LMP and wish them and the management team every success in the future.”

The transaction is expected to close in the fourth quarter of 2022, subject to customary regulatory reviews and approvals. Raymond James Financial International Limited served as financial adviser to LMP and Spencer House Partners served as financial adviser to London & Capital.

Proskauer Rose LLP served as legal counsel to LMP and Charles Russell Speechlys served as legal counsel to London & Capital. Wallace LLP and Cavendish Corporate Finance LLP served as legal and financial advisers respectively to the Freedman family.