Private equity-backed Hurst Point Group has acquired Gore Browne Investment Management (GBIM) and will merge it with Hawksmoor Investment Management.
The deal is for an undisclosed sum.
Jersey-based Hurst Point Group was launched in 2019 to manage investments by private equity firm The Carlyle Group in the UK wealth sector.
Last year it acquired Hawksmoor Group, which became a separate subsidiary and now houses its investment management division.
GBIM was founded in 2004 as a boutique investment management firm and wealth manager offering discretionary services nationally from offices in Harrogate and Salisbury.
Its 15 investment professionals provide discretionary management services to a variety of clients throughout the UK and overseas offering bespoke, diversified, multi-asset portfolio management for private clients, family trusts, charities, pension funds, companies and professional advisers.
Hines Associates acted as financial adviser to the deal which has completed following receipt of FCA approval.
Hawksmoor, which managed close to £1.6bn of clients’ assets at the end of 2021, is headquartered in Exeter, with offices across the UK, and provides similar discretionary management services for private investors and clients of professional advisers including trusts, pension schemes and charities. It also manages multi asset funds-of-funds and a series of risk-based model portfolios for financial advisers.
Gore Browne and Hawksmoor will merge to become a single investment management enterprise, however the Gore Browne name, brand and offices will be retained.
The company said the GBIM offices will complement its existing office locations of Exeter, London, Bath, Taunton, Dorchester and Bury St Edmunds, while at the same time expanding its geographical reach.
Hawksmoor chief executive Sarah Soar said: “We are delighted to welcome the GBIM team. It is clear that they share our values and have a strong emphasis on client satisfaction. Combining their knowledge and expertise with the Hawksmoor team will allow us to expand our offering across the South and the North-East as we welcome the team across two new offices and continue to grow the business.”
Hurst Point made its first investment in March 2020 with the acquisition of Harwood Wealth Management. At the end of 2020, Harwood purchased Argentis Financial Planning and the firm rebranded its Financial Planning acquisitions to Argentis Group.
Hurst Point acquired Financial Planner and wealth manager Metis Wealth and Metis Asset Management in July, with Metis Wealth becoming part of Argentis and Metis Asset Management joining Hawksmoor. It made two other Financial Planning acquisitions in July – D Heaton in Newcastle-under-Lyme and Wealth Creation & Management, based in Christchurch.
Hurst Point acquired six Financial Planning firms in 2020: Cameron Lewnes, Portcullis Wealth Management, Russell Marlow, Hazlewood Investment Services and parts of Gallagher’s Financial Planning division.
