James Hambro & Partners will merge with Calkin Pattinson & Company to conquer the post-retail distribution review (RDR) market.
The independent discretionary and the high net worth financial planner will together have in excess of £1 billion of assets under management, advice and administration.
Founded in 2009, James Hambro & Partners LLP manages discretionary investment portfolios for 102 families, charities and trusts – with around £480 million assets under management and administration. Established in 1964, Calkin Pattinson advises 2,000 private clients and charities on financial planning issues, and in addition has around £600 million assets under management.
The merged group will combine financial planning and discretionary portfolio management to offer a comprehensive service to its clients. In a joint statement the two firms said that this combined service would be positioned to attract new clients, particularly those dissatisfied with the service offered by the large banks. Moreover, as a result of the merger, James Hambro & Partners said it is well positioned to take advantage of the post-RDR opportunity and the new regulatory regime being introduced by 1 January 2013.
Commenting, James Hambro (pictured), chairman of James Hambro & Partners, said: 'In an increasingly complex financial environment, the ability to offer a broader range of services to clients will be important. The two businesses are like minded and the combination will give us a firm platform for further growth.'
Charles Calkin, chairman and chief executive of Calkin Pattinson, added: 'James Hambro & Partners offers an excellent investment capability coupled with a strong performance record. Further, it has an exceptionally experienced team and investment-led culture. We believe that this experience, performance and shared ethos of two growing companies will offer a highly attractive financial planning and investment proposition.'
On completion of the deal Charles and Paul Calkin will become partners in James Hambro & Partners.