A fund backed by City 'Rottweiler' Martin Hughes has today taken a significant minority stake in London-based independent wealth manager Plurimi Wealth.
The acquisition of the stake is the first investment made by Tosca Private Investments Fund (TPIF), an arm of Toscafund Asset Management.
Read more: Toscafund launches €300m fund to invest in unlisted financial companies
TPIF is a specialist vehicle that will target small/mid-market private equity opportunities in European financial services sector.
It will partner with entrepreneurs looking to accelerate the growth of their business. The majority of Plurimi will still be held by the firm's founder and senior partners.
Plurimi is one of the leading independent wealth management platforms, with $3bn in assets under management.
Founder and chief executive of Plurimi Ramzy Rasamny said:
As a leading independent wealth manager, the investment by TPIF constitutes the cornerstone in Plurimis ambition to accelerate its growth strategy and build a truly independent pan-European wealth management platform.
TPIF and Plurimi are aligned in this vision as well as the growth outlook for Plurimi and the independent wealth management industry.
Fabrizio Cesario, partner at Toscafund, added: "Building on Toscafunds longstanding track-record in providing growth capital to entrepreneurs, this transaction is a strong fit with TPIFs objective of providing financial and operational support to strong, fast- moving businesses embracing the opportunities provided by both regulatory and rapid technological change fundamentally disrupting the financial services industry."
