Venture capital firm Albion Ventures has agreed to acquire OLIM Investment Managers from Close Brothers Group for an undisclosed sum.
OLIM, which specialises in UK equities, has £490m in assets under management and has been part of Close Brothers since 2000.
Funds include the Close OLIM UK Equity Income fund, Charity Value and Income fund and the Value and Income trust.
OLIM's property investment management business was already sold in July 2011 to the management team for £3m.
Angela Lascelles, joint founder, will remain chief executive of OLIM and the existing investment management team will continue to manage its range of funds and segregated portfolios.
Close Brothers said the decision to sell OLIM was part of its focus on developing its integrated wealth management proposition.
Patrick Reeve (pictured), managing partner of Albion, said, "This is a transformational acquisition for Albion, doubling our assets under management and administration to almost £1bn.
"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."
Lascelles said: "We have known the Albion team for many years and there is a strong complementary fit between the businesses, both in terms of investment focus and culture. We are really looking forward to joining them."
The deal is subject to regulatory approval.
Purchased for undisclosed sum
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