INVESTMENT firm Charles Stanley yesterday said it had agreed to buy fund manager Evercore Pan-Asset Capital Management, the business co-founded by Tory MP John Redwood.
The company, which offers broking services to investors, has bought the outfit as part of its push into the intermediary space.
Evercore offers investors so-called passive investment funds – which mirror broad moves in the stock market at cheaper prices – giving Charles Stanley scope to bolt these products on to its own offering.
Charles Stanley director Mike Lilwall said: “We foresee opportunities to enhance our increasing offering to the financial adviser market-place.”
Redwood, who was a minister in Prime Minister John Major’s cabinet, set up Pan-Asset alongside wealth management veteran Christopher Aldous and the late Robert Brown in 2007.
The deal is understood to have been brokered by Charles Stanley’s chief operating officer Ben Money-Coutts, who came on board at Charles Stanley in May and had worked with Evercore before.
No prices were disclosed for the acquisition.
The acquisition was announced alongside interim results for Charles Stanley, which showed a 17 per cent rise in revenues up to £70m. Pre-tax profits also rose to £8m. “The upturn in the UK economy looks increasingly sustainable,” chairman Sir David Howard said.