Investment services company Ravenscroft is to acquire WHIreland (IOM), the Isle of Man subsidiary of UK financial services business WHIreland, subject to approval from the Isle of Man Financial Services Authority.
Ravenscroft Group Managing Director Mark Bousfield (pictured) said: "Ravenscroft’s experience of being in Guernsey and Jersey will be invaluable as we establish ourselves in the Isle of Man. We look forward to welcoming the WHIreland team and their clients to Ravenscroft. It will be the same team, office and telephone number and there will be no impact on any client relationships."
WHIreland CEO Philip Wales commented: "The Isle of Man office was our only offshore presence and, following recent senior hires, we reviewed the whole business and decided to concentrate on the UK market."
The Isle of Man business provides a broad range of investment management services to a largely institutional international client base, with assets under management of more than £300m. Its six employees will all join Ravenscroft, with the group now employing 120 people across Guernsey, Jersey and the UK.
This marks the second acquisition this year for Ravenscroft, following the acquisition of the investment management portfolio of legal and financial services company Tees in February.
The Isle of Man business, which will be known as Ravenscroft (IOM) and trade as Ravenscroft, will continue to offer discretionary asset management and is expected to expand its offering to include all Ravenscroft’s services.