Ravenscroft has announced plans to acquire the Channel Islands operation of MitonOptimal Group.
The investment services group, which has offices in Guernsey, Jersey and the UK and last year expanded into the Isle of Man, has entered into an agreement to purchase MitonOptimal Portfolio Management (CI) and Verity Life.
The deal, which is for an undisclosed sum, is subject to regulatory approval.
MitonOptimal’s team in Guernsey will move across to Ravenscroft once the sale has been completed and the two companies will trade as Ravenscroft.
Ravenscroft Group Managing Director Mark Bousfield commented: "There are a number of synergies between MitonOptimal and Ravenscroft’s offerings. The acquisition will see MitonOptimal’s team join Ravenscroft, increase our assets under administration and provide us with further opportunities in the Channel Islands, the UK and further afield."
BWCI, KPMG and LTS Tax have provided independent valuations and assessments in relation to the acquisition which is expected to complete within two months.