TRANSACTION SUMMARY

On 29 February 2024, UK-based wealth management companies Waverton Investment Management Group (“Waverton”) and London & Capital Group (“London & Capital”) announced that they have reached an agreement to merge their businesses. Their merger will create a leading independent wealth business, combining the exceptional international advice and planning expertise of London & Capital with the award- winning investment performance and wealth solutions of Waverton. The new combined entity will have an AUM of over £17bn and bring together the two groups’ similar client-focused cultures, retaining their complementary investment styles focused on access to global markets and active and direct investment approaches.

Lovell Minnick Partners (“LMP”), a US-based specialist financial services focused private equity firm, and London & Capital’s majority shareholder, will take a majority shareholding in the combined business. LMP will provide growth capital and strategic backing to the combined company, enabling the delivery of enhanced client service, increased investment in technology, and continued product and geographic expansion.

Somers Ltd, the majority shareholder in Waverton since 2013, will continue as a significant shareholder in the new business.

WAVERTON

Waverton is an independent investment management business with over £11bn in AUM and 175 employees, headquartered in London and with offices in Edinburgh and Glasgow. Its investment approach is global, direct and active, leveraging the collective skills and experience of its investment team across global markets, embedding ESG principles to maximise performance across four client channels: Private Clients, Financial Advisers, Charities and Institutional Investors.

LONDON & CAPITAL

Established in 1986, London & Capital is a specialist wealth and asset manager working with private and institutional clients. Headquartered in London, the company has over £6bn in AUM and 130 employees. It supports its clients in developing financial strategies, investing with a focus on capital preservation and providing clear, concise global reporting. Many of London & Capital’s private clients are international, with finances, business interests, property, and family across multiple countries. The Company is a recognised market leader in advising US connected persons.

LOVELL MINNICK PARTNERS

LMP is a private equity firm focused on investments in financial services, financial technology and related business services. Since inception in 1999, LMP have raised over $4.75 billion of committed capital from leading institutional investors, completing over 50 portfolio company investments and a further 175 follow- on acquisitions.

ROLE

SHP acted as financial adviser to Waverton.