BDO Investment Management, the wealth management experts, has sold a majority stake in the business to Oakley Capital Private Equity, with a new chief executive to head the business.
Oakley takes an 84.4% share in the business, part of the BDO International, which will now be headed by David Pitman (pictured), former CEO of Close Wealth Managament.
Pitman said: “The combination of the Company’s highly qualified advisers and its fee?based business model will provide a sound building block to significantly grow the business.”
The investment capital will be used to build BDO’s scale in growing discretionary funds under management.
In a sign of the way BDOIM is regarded, Oakley says on its website that it looks for deals that other private equity houses would turn down.
“Our deals are often particularly challenging or complex and are therefore unlikely to appeal to mainstream investors,” the website states.
The firm typically aims at deals worth £5m to £60m which allows Oakley to take a controlling stake. However, its last deal was the sale of domain name specialists Host Europe which it sold in September for £222m after buying the business two years before for £128m.
BDOIM’s current chief executive Richard Spilg and its CFO Helen roberts are to step down.
Pitman is the son of Sir Brian Pitman the banker who was credited with turning Lloyds Bank into the High Street giant that it is today. Sir Brian died earlier this year.
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