PhillipsCapital, a Singapore-based investment and wealth manager, has completed its acquisition of listed investment manager and Financial Planner Walker Crips Group plc.
PhillipCapital, which manages £49bn of funds worldwide, will retain the Walker Crips brand following the deal for an undisclosed sum and it says the brand will co-exist with the PhillipCapital name.
Walker Crips' head office will remain in London.
PhillipsCapital has been a long-term investor in Walker Crips and is now acquiring the remaining 70% of the firm's shares it didn't own for about £5.6m
PhillipCapital says it will provide “material support” to Walker Crips in order to help it achieve its short and long-term goals.
Walker Crips will focus on organic and inorganic growth and also has a growing Financial Planning arm.
PhillipCapital says it will also initiate development of Walker Crips’ technology and infrastructure to “achieve economies of scale, reduce operational costs and support enhanced client service.”
Walker Crips' joint chief executives, Sean Lam and Christian Dougal, and other members of the senior management team will remain with the Walker Crips Group.
Mark Nelligan has resigned as a non-executive director of Walker Crips following the deal.
Hua Min Lim and Linus Lim, representatives of the PhillipCapital Group, previously appointed as non-executive directors to the Walker Crips Board, will remain as directors of Walker Crips.
The completion of the deal means Walker Crips has delisted from the London Stock Exchange today.
Sean Lam and Christian Dougal, joint CEOs at Walker Crips Group, said in a statement: “Today represents the start of a bright new chapter for Walker Crips. We have known and respected the senior team at PhillipCapital for many years and have benefitted from their shareholding in our business for over three decades. This transaction represents their ongoing commitment to the group and our clients.
“With the backing of a global financial services group, we now have the stability and resources to continue to develop innovative and truly bespoke services for our clients.”
Walker Crips Group provides investment management, Financial Planning, pensions, structured investments and technology services. It has a history dating back to 1914. Walker Crips companies include: Walker Crips Investment Management Limited, Walker Crips Financial Planning Limited, Ebor Trustees Limited (trading as Walker Crips Pensions) and Barker Poland Asset Management LLP.
PhillipCapital is an investment and wealth management firm and was founded in 1975, It is headquartered in Singapore and operates in 16 locations including Chicago, London, Tokyo, Hong Kong and Singapore. It serves over 1.5 million clients and has Assets Under Custody of over £49bn. It manages money for retail and high net worth individuals, family offices, corporate and institutional customers.