Ravenscroft has announced plans to acquire the Channel Islands’ operation of MitonOptimal Group.

The investment services group, which has offices in Guernsey, Jersey and the UK and last year expanded into the Isle of Man, has entered into an agreement to purchase MitonOptimal Portfolio Management (CI) Limited and Verity Life Limited. The deal, which is for an undisclosed sum, is subject to regulatory approval. MitonOptimal’s team in Guernsey will move across to Ravenscroft once the sale has been completed and the two companies will trade as Ravenscroft.

‘There are a number of synergies between MitonOptimal and Ravenscroft’s offerings and we both share a real focus on client service. The acquisition will see MitonOptimal’s experienced team join Ravenscroft, increase our assets under administration and provide us with further opportunities in the Channel Islands, the UK and further afield,’ said Ravenscroft group managing director Mark Bousfield.

Simon Sharrott, group CEO and joint managing director of MitonOptimal Portfolio Management (CI) Limited, said being part of Ravenscroft would have many benefits.

‘Ravenscroft’s growth in recent years has been considerable and it now has more than 130 staff and five offices across four jurisdictions. We are confident that their discretionary investment management offering will appeal to our clients, bringing benefits from greater scale, new service offerings and an expanded distribution reach. We are all looking forward to being part of the Ravenscroft team, integrating our business and being instrumental in future growth.’

BWCI, KPMG and LTS Tax have provided independent valuations and assessments in relation to the acquisition which is expected to complete within two months.