PHILADELPHIA & LONDON--(BUSINESS WIRE)--Lovell Minnick Partners (“LMP”), a private equity firm focused on investments in financial services, financial technology, and related business services, today announced the signing of a definitive agreement to acquire a majority stake in London & Capital. London & Capital is an independently owned, London-based, wealth and asset manager with £4.1 billion in assets under management. As part of the transaction, London & Capital’s management team will continue to lead the business and will retain a significant minority stake. Financial terms were not disclosed.
London & Capital 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. 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. Of the Company’s 120 employees, more than 50 are dedicated investment professionals and financial advisers working directly with 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 an 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.”
“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.
About London & Capital
Established in 1986, London & Capital is a specialist wealth and asset manager working with private and institutional clients. The Company supports its clients in developing financial strategies, investing with a focus on capital preservation and providing clear, concise global reporting. Many of London & Capital’s private clients are international, with finances, business interests, property, and family across multiple countries. The Company is a recognised market leader in advising US connected persons.
London & Capital’s institutional business offers a full end-to-end asset management proposition for its predominantly insurance company clients. From identifying investment objectives and risk appetite to portfolio construction and management, to ongoing monitoring and reporting. The Company’s deep expertise in insurance ensures portfolios are tailored also to meet the business requirements of its clients.
With offices in London, Barcelona and Barbados, London & Capital is one of the few UK based wealth and asset managers which are UK (FCA), US (SEC) and EU (CNMV) regulated.
About LMP
LMP is a private equity firm focused on investments in financial services, financial technology and related business services. We partner with outstanding management teams to help grow their companies and build value for investors through a combination of driving growth initiatives, strategic activity and operational improvements. Since our inception in 1999, we have become a leader in our chosen space, raising $3.5 billion of committed capital from leading institutional investors.
We seek to invest in management-driven, growth-oriented companies that span the supply chains of investment products, insurance products, credit products and payments. Some of the areas in which we specialize include financial technology; payments; insurance brokerage and services; wealth and asset management; and related business services.