Oakley Capital Investments has snapped up BDO Investment Management (BDOIM) for £14 million.
AIM-listed Oakley has acquired an 84.4% stake the firm, which provides investment advice and solutions to corporates and individuals and is responsible for £2 billion in assets and has three divisions; asset management, corporate pensions and benefits, and private clients.
The board believes Oakley's investment will enable BDOIM to build further scale and take advantages of growth opportunities within the financial services market.
David Pitman, former CEO of Close Wealth Management, will be appointed as CEO of BDOIM.
Peter Dubens, director of Oakley Capital Investments, said, 'We are very pleased to be backing David Pitman and his plans for BDOIM.
'BDOIM has a solid market position as an independent provider of client-focused advice; with our support and investment, we feel that there is a real opportunity to grow the business by increasing funds under management and adding high quality corporate clients, while at the same time investing in an infrastructure to support further growth and provide a first rate service to BDOIM's clients.'