Merchant Securities, a London-based financial services group, has entered into an agreement to acquire Cavendish Young, an independent financial adviser & fee based wealth management company based in Belgravia, London.
Reportedly, Cavendish Young manages GBP46 million for high net worth individuals and has a total client base of 2500 private clients. The sellers of Cavendish Young are Mark Estcourt, the founder and managing director of the company, and his wife Tracy Estcourt. Mr. Estcourt has signed a new service agreement with Cavendish Young.
Patrick Claridge, chief executive of Merchant Securities, said: “This acquisition fits well with our strategy to increase long term recurring income across our three sectors of private client, institutional and corporate finance and corporate broking business. This deal represents a major step forward for the private client business, increasing total group funds under advisory and discretionary management to over GBP135 million. We will continue to seek appropriate ways of expanding the group, with an emphasis on increasing long term recurring income and delivering a high-quality service to our entire client base.”
Merchant Securities is a financial services group specialising in private client investment management, institutional research and trading, corporate finance and corporate broking.
