Ingenious Asset Management has acquired the Optima Managed Funds Division of Surrey-based accountancy firm Turpin Barker Armstrong.

Ingenious Asset Management, part of UK-based investment and advisory group Ingenious, says the acquisition from the accountancy firm will give it an additional £30 million of assets under management.

The Optima Managed Funds Division formed part of Turpin Barker Armstrong’s advisory arm, Optima Financial.

Founded in 2003, Ingenious Asset Management sits alongside Ingenious’ other offerings which include its Investments, Ventures and Corporate Finance divisions.

Guy Bowles, CEO of Ingenious Asset Management, says, ‘I am delighted that Optima selected us as their chosen discretionary fund manager to partner with. Optima have done an outstanding job in building their business over the past few years and we look forward to working closely with them in the future.’

Bowles says the acquisition is in line with Ingenious’ ‘ambitious growth strategy’, with the business continuing to pursue further deals of the type in the future.

Alex Payne, financial services and corporate finance partner, adds, ‘We spent a year conducting due diligence on a large number of discretionary investment managers to find the one best suited to our clients’ needs.

‘Ingenious Asset Management particularly impressed us with their strong risk management skills and their attention to detail when communicating with clients.’