Close Brothers Group has agreed to sell off an investment management firm for an undisclosed sum.

OLIM Investment Managers is being sold to Albion Ventures, an independent venture capital investor.

OLIM is a fund manager specialising in UK quoted equities, with around £490 million of assets under management.

It manages £240 million for charities and £170 million in investment and other trusts and £80 million for private clients.

Martin Andrew, chief executive of Close Brothers Asset Management, said: “As we continue to focus on developing our integrated wealth management proposition, we decided to look for a new owner for OLIM who is better placed to take the business to the next stage of its evolution. We know Albion well, we welcomed their approach and wish the enlarged business every success in the future”.

Albion said the acquisition is the latest move to grow and diversify its investment management activities beyond its range of six Venture Capital Trusts.

Angela Lascelles, the joint founder, will remain chief executive of OLIM and the existing investment management team will continue to manage its range of funds and segregated portfolios.

She said: “We have known the Albion team for many years and there is a strong complementary fit between the businesses, both in terms of investment focus and culture.”

Patrick Reeve, managing partner of Albion, described it as a “transformational acquisition”, doubling assets under management and administration to almost £1billion.

He said: “OLIM’s expertise in quoted equities adds a new dimension to our business, and there are a number of areas where we can help them grow, including aspects of sales and marketing and our knowledge of specialist investment areas such as health care.”

Earlier this year Albion was appointed to manage and administer the newly-launched UCL Technology Fund, which raised £50m to commercialise University College London’s research output.

The takeover is subject to regulatory approval.