Platform business Wealthtime has become a fully integrated wealth manager under the new brand The Quanta Group, following the acquisition of Craven Street Wealth announced last week.
The Quanta Group, backed by private equity investor Anacap, says it will maintain operational independence between its key business units.
The units include Craven Street Wealth for independent financial advice and Wealthtime for wealth management platform services and investment management through Copia Capital.
Additionally, the Quanta Group said it had secured a 10-year partnership with global technology firm Wipro and GBST, its technology partner.
Nassim Cherchali, managing partner at AnaCap, said: “The launch of the AnaCap-backed The Quanta Group marks a significant milestone and statement of intent as we bring together market-leading capabilities to deliver a next-generation digital-first wealth management platform.
“The Quanta Group’s 10-year partnership with Wipro and GBST underscores its continued commitment to innovation.”
Patrick Mill, CEO of the Quanta Group, said: “Signing this ten-year agreement marks an important milestone in our partnership with Wipro. We’re excited to take the next steps in delivering a major leap forward for the platform market.”
The Quanta Group said it plans to use Craven Street Wealth as a platform to pursue an acquisition strategy in the fragmented IFA market.
Craven Street Wealth is a southern England-based based Chartered Financial Planning business established through the 2021 acquisition of Kreston Reeves Financial Planning and Christchurch Investment Management. It has a 90 strong team of 30 Financial Planners and manages client assets of about £2bn for more than 3,500 clients.
It has a track record of acquiring and integrating IFAs, having completed three deals in the past four years, including the acquisition of Tarvos Wealth in 2022 and Bernard Barrett Associates in 2023. In March last year Craven Street Wealth completed its acquisition of Punter Southall Aspire’s Financial Planning division, increasing its AUM by more £600m to £1.85bn.
Rob Massey, partner at AnaCap, said: “The Quanta Group is well placed to continue consolidation within the UK IFA market. The team at Craven Street Wealth bring a huge amount of experience and expertise, along with a proven track record of acquisition and integration, providing the strong foundation for future expansion.”
The Quanta Group, led by CEO Patrick Mill, is responsible for assets under advice of around £18bn and nearly 80,000 clients across platform, DFM and advice.
AnaCap is a partner for founders and entrepreneurial management teams, investing in lower mid-market services, software and technology within the European financial ecosystem. Since 2016, it has raised more than €2bn (£1.67bn) of capital with 80+ deals across western and northern Europe.
