Grant Thornton sells fund management arm

Grant Thornton has sold its asset management arm to the Principal group.
Grant Thornton Asset Management Limited managed £100m in assets.

Ian Johnson, Head of Private Client Services at Grant Thornton, said: ‘GTAM
has performed well in the past but to continue to do so and compete against
larger fund management firms would require a significant increase in assets
under management.

‘After considering a number of options for the business, including further
substantial investment, Grant Thornton has taken the strategic decision that a
trade sale would offer the best prospects for the business and its clients. This
decision has been taken at a time of ever greater consolidation in the industry.

‘Accordingly, Grant Thornton UK LLP embarked on a thorough search to find a
high quality investment firm to take over the stewardship of our clients’
assets.’