Momentum UK has taken over the adviser solutions business of specialist wealth manager London & Capital, it was announced this morning.

London & Capital said the sale, for which no fee has been disclosed, would allow it to focus on HNW and Institutional divisions.

In a statement, it said: “London & Capital’s core business has always been its private client and Institutional divisions, and this sale is part of its long-term strategic plan to simplify the business and maximise the significant opportunity in these areas.

“London & Capital has significantly grown its private client and institutional investment management divisions, which in recent years has benefited from increasingly client migration towards specialist investment managers.”

Guy McGlashan, London & Capital’s chief operating officer, said: "This puts us in a position to continue to build our private client and institutional business, where we have built a very strong proposition in providing specialist investment management services for US, professional investor and institutional clients.

“Remaining an independently-owned wealth manager has always been our vision, and this means diverting resources to those divisions that are aligned with our overall strategic plan and where we are seeing the most growth.

“It was important to find a partner who shared our ideals and investment philosophy to provide continuity for our IFA clients. The continuity will also be aided by our Adviser Solutions team transferring to Momentum, thus minimising disruption for our IFA relationships and their clients.”

Ferdi van Heerden, Momentum UK chief executive, said: "This acquisition presents us with a great foundation on which to accelerate our growth as an investment solutions provider to the UK adviser market.

“With the addition of a mature DFM solution to complement our unitised Factor Series fund range, we now have a proposition that can cater for a wide range of IFA's customer needs."

The adviser solutions offering will sit within Momentum Global Investment Management.

Momentum is the UK arm of South African financial services firm MMI Holdings.