The two firms announced this morning that the deal was finalised yesterday but the fee has not been disclosed. The Broadstone acquisition has raised Thomas Miller Investment's assets under management to £2.8bn, with approximately 90 staff across 7 locations.
Thomas Miller Investment, which provides investment and wealth management to institutions and private clients both on and offshore, said the move was part of its strategy to create a leading investment and wealth management business. The announcement follows FCA approval.
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Mike Balfour, chief executive at Thomas Miller Investment, said: "Broadstone is an important addition to our business and demonstrates our ambitions within the investment and wealth management sector. We are perfectly placed to provide the services that clients require in a complex and economically uncertain landscape."
Thomas Miller Investment was formed as a separate investment business over 25 years ago and has total assets under management of over £2.8bn.
Its investment and wealth management teams are based in London, Edinburgh, Birmingham, Southampton and the Isle of Man.
Thomas Miller Investment is the trading name of the businesses in the Thomas Miller Investment Group, which was founded in 1885.
Thomas Miller's origins are in the provision of management services to mutual organisations, particularly in the international transport and professional indemnity sectors; where today they manage a large percentage of insurance mutuals.
Thomas Miller also manages insurance facilities for self-employed barristers in England and Wales, as well as trustees of pension schemes, patent agents and housing associations.
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