Psigma Investment Management has merged its with sister planning business Punter Southall Financial Management but plans to hold onto its branding, which it sees as “crucial” to its future with advisers.
The newly established firm is called Punter Southall Wealth (PSW) and will be an advice-led business offering both financial planning and investment management services to clients, a statement from Psigma confirmed.
The merger, which will see PSW absorb Psigma’s £3bn ($3.9bn, €3.6bn) of assets under management, completed on 1 December and was revealed via a Linkedin post this week.
“Many financial planning firms offer investment advice, and many investment management firms offer financial planning,” Psigma said. “We believe both professional disciplines are equally important and that our clients deserve input from two experts rather than one.”
Retaining branding
Psigma will retain its brand as a separate division within PSW, which it described as “crucial” to “continue the strong brand, solid growth and ever-increasing reach that Psigma has developed over many years of working closely with external advisers”.
The wealth manager said there would be no changes to its investment process, communication and support to IFAs which will continue under current chief investment officer Tom Becket.
No job cuts confirmed
A Psigma spokesperson confirmed there would be no job cuts but said “as the business grows yet further there may be a need to address any organic requirements”.
They added the existing management teams “will remain broadly intact albeit for one or two changes in reporting lines and responsibilities”.
Psigma chief executive John Howard-Smith will head up PSW, while Punter Southall’s chief exec John Hamilton-Hunt will assume the role of chief operations officer.
Psigma opened its doors in 2002 and was an early adopter of the model portfolio service which it launched in 2004.
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