Principal Investment management has boosted its northerly presence with the acquisition of Iain Nicholson Investment Management by parent company Principal Holdings.
The move means Principal will manage £1.8 billion in assets from six offices in London, Sevenoaks, Bath, Kirkby Lonsdale, Harrogate and Ponteland near Newcastle.
Principal vice chairman Hugh Titcomb said the two firms' investment approach and geographic reach were complementary, while Iain Nicholson Investment's chief said the company would be bouyed by merger with a bigger group.
'We are very excited by the opportunities created by our merger with Principal,' Iain Nicholson said. 'We believe that the size of our business means that a merger with a well- resourced firm that shares our philosophy and approach is the best route to carry us forward to this next stage.'
Principal recently restructured its UK operations, and up to seven redundancies were made as group chairman Daniel Kriel said the company was looking to become 'one of the investment leaders in the UK'.
'The focus of the restructuring was not about redundancy, it was to refocus the business on its clients and investments going forward,' he said at the time. 'We want to go from a solid base to become one of the investment leaders in the UK. We reviewed our core capabilities and asked ourselves whether we were correctly structured.'