MitonOptimal’s offshore division has acquired Jersey’s Orchard Wealth Management for an undisclosed sum, and will welcome company principal Richard Harwood to its board as a director.
Harwood brings with him £66.7 million in client Ucits assets held within his 15-year-old Orchard global equity income fund.
MitonOptimal managing director and chief investment Scott Campbell said: 'We have invested with Richard and watched his progress for a number of years now.'
‘The benefits of joining our businesses together, particularly with our Dublin fund focus, and partnering with the MitonOptimal team to further develop our Jersey discretionary fund management services make sense.’
Harwood was until last year director of LGT Vestra’s Jersey office, in addition to chief executive of Orchard. He previously headed the investment management team at SG Hambros and spent 13 years at the GNI Group covering equities, bullion and derivatives.
MitonOptimal currently runs around £800 across its business having made a string of buy since 2015, most recently Wolverhampton financial planning and wealth advisory business Central Investment Planning (CIP).
The purchase is the fourth significant acquisition for the group in recent years following its acquisition of multi-asset investment house Coram in 2016 (bringing on board company co-founder James Sullivan, pictured) and private client manager Minerva in 2017. The company used those as a springboard to launch a managed portfolio service at the end of last year.
Harwood added: ‘With increased regulation and distribution cost for small fund management businesses, MitonOptimal was a logical choice to partner for the future.
‘My aim is to focus on continuing to deliver top quartile performance on our Orchard Fund and building on our Jersey relationship.’