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Thomas Miller Investment acquires Broadstone’s wealth management business


Thomas Miller Investment has acquired Broadstone’s wealth management business, which provides services to private clients, pension funds, charities and companies, for an undisclosed consideration.

Broadstone manages and advises on approximately GBP400 million of assets and has offices in Glasgow, Southampton, Birmingham, Chelmsford and London.
Thomas Miller Investment provides services to institutions and private clients both on and offshore. Operating out of London, Edinburgh and the Isle of Man, Thomas Miller Investment currently manages GBP2.4bn of funds under management.
Combined with the acquired businesses, Thomas Miller Investment will manage and advise on circa GBP2.8bn of assets with approximately 90 staff across seven locations.
Matthew Phillips, Broadstone’s managing director, private clients, will take responsibility for Thomas Miller Investment’s wealth management operation in the UK and report to Mike Balfour, chief executive officer, Thomas Miller Investment.
Mike Balfour, chief executive officer, Thomas Miller Investment, says: “The team at Broadstone share our philosophy and culture of providing a highly professional service for clients. They will be a valuable addition to our investment capability and provide a national wealth management offering in addition to our other offices. This is a clear demonstration of our ambition in the provision of private client wealth management.”
Phillips says: “We are passionate about providing our clients with a high level of service and maintaining our market leading proposition in the long term. The additional expertise and resources we will gain as part of Thomas Miller Investment will deliver long term value to our clients. Thomas Miller Investment’s culture and heritage are complementary to ours and we have been very impressed with the calibre and depth of their investment team.  We look forward to being part of that team and believe this strategic decision is in the best interests of our clients, staff and wider stakeholders.”
IMAS, an M&A adviser in the financial services industry, acted for Thomas Miller Investment.

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