LGT Vestra has brought a financial advice firm under its roof, nine years after the companies established a ‘close-knit joint venture’.
Genesis Wealth, based in Braintree and London, has decided to move its clients and staff across to LGT Vestra, while changing its name to Cornhill Financial Services.
The terms of the move are unclear but as part of the changes, Graham Thomas, who was managing director of Cornhill, has been appointed as a partner and a team head of wealth planning at LGT Vestra.
Other staff members, including Andrew Chaplin and Robert Jones have been appointed as wealth planners.
The number of clients and assets under management that moved across have not been disclosed.
However, according to accounts filed at Companies House for the year to 31 March 2017, Cornhill had £39.9 million of assets under its active wealth management service and fewer than 500 clients.
The accounts also showed that the average portfolio size at the firm was £387,000. Staff headcount stood at 11.
The relationship between Genesis Wealth and LGT Vestra dates back to 2010, when the IFA established a joint venture with the latter, which was then called Vestra Wealth.
At the time, the business, which was a division of chartered accountants Gerald Edelman, had £100 million of actively managed assets and the same amount managed passively.
By 2011, it had £150 million in active management, over £100 million of which was managed through its joint venture with Vestra.
As part of the deal, two fund managers at Vestra, Sanjay Rijhsinghani and Andrew Archer, started working for Genesis as well as Vestra.
At the time, Thomas said the changes were made in preparation for the retail distribution review (RDR) and highlighted the close working relationship between the firms.
Cornhill Financial is no longer authorised by the Financial Conduct Authority.