Belgian investment business Ackermans & van Haaren has made a British acquisition with the purchase of a 70 per cent stake in JM Finn & Co.

Belgian investment business Ackermans & van Haaren has made a British acquisition with the purchase of a 70 per cent stake in JM Finn & Co.

London-based JM Finn is a private client wealth management business with £6.3 billion funds under management or advice as of 30 April 2011, according to a statement.

The €67 million (£60 million) deal has been done through Ackermans wealth management affiliate, Delen Investments, as part of its strategy to grow its UK discretionary wealth management firm.

James Edgedale, chairman of JM Finn & Co says that focusing on clients’ long-term interests is the key to client retention and referrals of new clients.

He adds: ‘In Ackermans & van Haaren and Delen, we have found a partner with fully compatible philosophy and culture that understands our way of doing business.’

Under the terms of the deal the current management team and staff are to hold onto the remaining 30 per cent equity stake.

This decision is to ensure that staff and management are ‘fully committed to and engaged in the further success of the business’.

Luc Bertrand, chief executive officer of Ackermans, comments: ‘We have concluded that the UK onshore wealth management market is particularly attractive due to the established equity culture and the increasing penetration of discretionary management, which leads to high quality of revenues and earnings.’

Chief executive officer of Delen Investments, Jacques Delen, says: ‘In JM Finn & Co, we have found a management team and investment managers who fully share our private client centric strategy.’

Financing for the deal comes from Delen Investments’ own cash resources.