Oakley Capital Private Equity has invested in BDO Investment Management, a UK provider of wealth management and corporate benefits services, by acquiring an 84.4 per cent majority stake.
BDO LLP, the UK member firm of the BDO international network which is the world’s fifth largest accountancy organisation, will sell the majority stake to Oakley Capital and will retain a 15.6 per cent share in the company.
The partnership with Oakley Capital will provide BDO Investment Management with the necessary capital to fulfill its stated strategy of building scale by growing discretionary funds under management and adding corporate clients.
David Pitman, formerly chief executive of Close Wealth Management and the new chief executive of BDO Investment Management, says: “I am delighted to be joining BDOIM and taking the company forward on its next phase of growth. BDOIM has a strong market position as an independent provider of client-focused advice with offices throughout the UK. 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.”
