Toscafund Asset Management LLP, with USD4 billion in assets, is to acquire what it calls a ‘significant minority stake’ in London-based independent wealth manager Plurimi Wealth, through Tosca Private Investments Fund.
This is the first transaction from TPIF which is a new specialist vehicle that will target small/mid-market private equity opportunities in the European financial services sector.
The firm writes that TPIF intends to focus on partnering with founders and entrepreneurs looking to accelerate the growth of their business. Established in 2008 by Ramzy Rasamny, Plurimi has grown organically to become one of the leading independent wealth management platforms catering to the needs of a sophisticated ultra-high net worth global clientele, reaching USD3 billion in assets under management.
Plurimi focuses on the UHNW segment, a large and fast-growing market that, the firm writes, is expected to benefit from significant organic growth as well as consolidation opportunities, driven by both technology shift and regulatory developments.
Following the investment by TPIF, the majority of Plurimi will still be held by the firm’s founder and senior partners. In line with TPIF’s investment philosophy of building partnerships with management teams, Plurimi will continue to be run by Ramzy Rasamny and current senior executives while leveraging on the expertise and support of TPIF.
Ramzy Rasamny, founder and CEO of Plurimi says: “As a leading independent wealth manager, the investment by TPIF constitutes the cornerstone in Plurimi’s ambition to accelerate its growth strategy and build a truly independent pan-European wealth management platform. We are determined to materially grow the business and to take advantage of disruptions created by new regulation and the digitalisation trends in the sector. TPIF and Plurimi are aligned in this vision as well as the growth outlook for Plurimi and the independent wealth management industry. I am pleased to welcome them to the group”.
Fabrizio Cesario, Partner at Toscafund, says: “We are pleased to announce today the first transaction of TPIF. Building on Toscafund’s longstanding track record in providing growth capital to entrepreneurs, this transaction is a strong fit with TPIF’s objective of providing financial and operational support to strong, fastmoving businesses embracing the opportunities provided by both regulatory and rapid technological change fundamentally disrupting the financial services industry. This transaction also confirms our long held belief in the significant and wide opportunity set in private European small/mid cap financial services, our primary target”.
George Koulouris, Partner at Toscafund, says: “We are delighted to join the existing equity partners of Plurimi and support the continued growth and development of the business as it seeks to grow its market-leading proposition to become the foremost independent wealth manager in the UHNW segment. We were attracted to Plurimi’s innovative and scalable business model and see great growth potential which we can support by providing capital to the company as required.”