Venture capital firm Albion Ventures agreed to acquire U.K. equities firm OLIM Investment Managers.
The deal, which is subject to regulatory approvals, will see Albion acquire the firm from Close Brothers Group. Terms of the deal were not disclosed, said a spokesman for Albion.
OLIM has about £490 million ($637 million) in assets under management, almost half of which is managed on behalf of charities.
The firm has been part of Close Brothers Group since 2000.
Co-founder and CEO Angela Lascelles will join Albion, along with Simon Jaffe, who manages both equity and balanced portfolios, and Andrew Impey, responsible for managing both equity and balanced portfolios.
Albion is growing and diversifying its money management activities beyond six venture capital trusts.
“This is a transformational acquisition for Albion, doubling our assets under management and administration to almost £1 billion," said Patrick Reeve, managing partner of Albion, in a news release. "We are delighted with the benefits it will deliver to both sides; 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."
The deal will complete shortly after approval by the U.K. Financial Conduct Authority, which the spokesman said is expected in November.