Ravenscroft is planning to expand into the Isle of Man, with the acquisition of WH Ireland’s subsidiary on the island.
The Manx business provides investment management services to a largely institutional international client base, with assets under management of more than £300m.
The six employees in the Isle of Man will all join Ravenscroft, which now employs 120 people across Guernsey, Jersey and the UK.
This will be the second acquisition this year for Ravenscroft following that of investment management portfolio from legal and financial services company Tees.
"Ravenscroft’s strategic expansion has been through both organic growth and targeted acquisitions of businesses that either expand the services we provide or allow us to offer those services in a new jurisdiction," Mark Bousfield, Ravenscroft's Group Managing Director, said.
"What has been imperative with all acquisitions is a similar culture and commitment to clients and we have found that in WH Ireland (IOM) Limited. Ravenscroft’s experience and knowledge of being in Guernsey and Jersey will be particularly invaluable as we establish ourselves in the Isle of Man."
Philip Wale, CEO of WH Ireland, added: "WH Ireland’s Isle of Man office was our only offshore presence and following recent senior hires, we reviewed the whole business and decided to concentrate on the UK market.
"It was important to us that we found new owners for the Isle of Man business who had the energy and focus to drive it forward. I am absolutely confident that we have that in Ravenscroft and we will maintain close contact to ensure a seamless transition."
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