View the article online at http://citywire.co.uk/wealth-manager/article/a639414
Saltus regional push gathers pace with Mercater acquisition
by Emma Dunkley on Dec 03, 2012 at 12:35
The combined firm, which will trade under the Saltus name, will provide Saltus with a base to pursue its growth plans in the North West of England.
As a result, the Mercator team will see the amount of funds it manages – currently £65 million – dramatically increase.
Simon Armstrong, managing partner at Saltus, said: ‘The combined business will benefit from additional resources and complementary expertise while clients and professional introducers can access our multi-asset approach, working within risk budgets and investing in a global pool of ‘best of breed’ specialist managers.’
He added: ‘There is a high quality team in place and we are looking to increase the headcount in the areas of portfolio construction, client service and finance.’
Tighter regulation, as a result of the retail distribution review (RDR), and increased competition has put pressure on smaller wealth managers.
‘We have the infrastructure in place so that, by working with us, these smaller organisations can both thrive and flourish in this new environment and provide great investment solutions to their clients,’ Armstrong said.
The move marks the second acquisition done by Saltus this year, following its purchase of Montague Capital, an independent Midlands-based discretionary manager, earlier in 2012.
Saltus was founded in 2004 by Armstrong and Jon Macintosh, after each held roles at investment banks. The business, based in London, manages more than £270 million on behalf of clients.
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