Financial Planning firm Tilney Bestinvest has taken over London-based discretionary investment manager Ingenious Asset Management.

The combined business will have over 500 staff across the UK operating from 15 offices including five investment management locations.

Tilney’s investment management team in London will double in size and it will boost the size of the group’s financial intermediary business development team, supporting its strategy of growing its relationships with financial advisers.

Ingenious, which provides services to high net worth and ultra-high net worth clients and financial advisers, stated it was responsible for over £1.8 billion of client assets and has 41 staff based in London.

No fee has been disclosed for the acquisition, which is expected to be completed in April, subject to regulatory approval, the companies said.

Upon completion the enlarged group will be responsible for £11.2 billion of assets, of which over 80 per cent will be managed or advised.

Peter Hall, chief executive of Tilney Bestinvest, said: “The acquisition will significantly increase our investment management capability in London and our business supporting financial intermediaries.

“The team at Ingenious are very high quality professionals and their investment approach is complementary to our own so we believe this represents an excellent combination.”

Guy Bowles, chief executive of Ingenious Asset Management, will become head of investment management (London) for Tilney Bestinvest and David Rosier, chairman of Thurleigh Investment Managers, will become a senior adviser to Tilney Bestinvest Group. Thurleigh was acquired by Ingenious in 2014.

Mr Bowles said: “When we launched Ingenious Asset Management in 2003, we were determined to create a business that combined modern investment techniques with a traditional emphasis on delivering a highly personal service.

“In Tilney Bestinvest we have found a firm which very much shares that approach and has a similar investment process to our own, with a strong emphasis on proprietary investment research.

“Tilney is also investing heavily in systems and has an excellent infrastructure to support and grow a modern investment management business.”

Since the merger of Tilney and Bestinvest in 2014, the business said it will have more the doubled its assets under management from £5 billion to £11.2 billion and is amongst the fastest growing wealth managers in the UK.