Walker Crips has sold its corporate bond fund to Smith & Williamson.
As part of an effort to focus on wealth management, the company is selling the TB Walker Crips Corporate Bond fund to Smith & Williamson Investment Management.
The transfer is expected to complete on 21 March. Following the transaction, the fund will be named TB Riding House Street Fixed Interest fund.
The move comes five years after Walker Crips sold its asset management arm to Liontrust. In March 2012, the company had announced that Liontrust would buy Walker Crips Asset Management for £12.35 million
In the announcement today, Walker Crips said: ‘As part of the Company's continued focus on integrated wealth management since the sale of its fund management related activities in 2012, the Board of Walker Crips has concluded that management of this Fund is no longer a core activity and is therefore being transferred to a fund manager which has the requisite resource, scale and track record to continue serving the Fund's investors well.’
Smith & Williamson’s investment management arm has £1.3 billion in assets across 17 strategies. The funds business is headed up by Ed Rosengarten (pictured).
Rosengarten said: 'Whilst investment-led organic growth remains the cornerstone of our strategy, inorganic acquisitions are an important and complementary element of our plans.
'This deal highlights that we have the resources and commitment to be an active and willing consolidator.'