MitonOptimal Group has agreed to sell its Channel Islands arm to Guernsey-headquartered Ravenscroft Group for an undisclosed sum.
The investment services group, which has offices in Guernsey, Jersey, Isle of Man and the UK, will buy MitonOptimal Portfolio Management (CI) and Verity Life. The deal is subject to regulatory approval.
MitonOptimal’s team in Guernsey will move across to Ravenscroft once the sale is complete and the two companies will trade as Ravenscroft.
Mark Bousfield, Ravenscroft group managing director, said: ‘There are a number of synergies between MitonOptimal and Ravenscroft’s offerings and we both share a real focus on client service. The acquisition will see MitonOptimal’s experienced team join Ravenscroft, increase our assets under administration and provide us with further opportunities in the Channel Islands, the UK and further afield.”
Simon Sharrott, group chief executive and joint managing director of MitonOptimal Portfolio Management (CI), said: “We are confident that their discretionary investment management offering will appeal to our clients, bringing benefits from greater scale, new service offerings and an expanded distribution reach.
“We are all looking forward to being part of the Ravenscroft team, integrating our business and being instrumental in future growth.”