Smith & Williamson’s head of funds Ed Rosengarten says the firm has “the resources to be an active consolidator” following the announcement it is taking over Walker Crips’ corporate bond fund.
Following the transfer, the TB Walker Crips Corporate Bond fund will be renamed the TB Riding House Street Fixed Interest fund. The transfer is expected to complete on 21 March.
Ed Rosengarten, partner at Smith and Williamson, says: “While investment-led organic growth remains the cornerstone of our strategy, inorganic acquisitions are an important and complementary element of our plans. This deal highlights that we have the resources and commitment to be an active and willing consolidator.”
The board of Walker Crips says managing the corporate bond fund is “no longer a core activity” since the sale of its fund management arm in 2012, with its key focus now on wealth management.
“[Management of this fund] is therefore being transferred to a fund manager which has the requisite resource, scale and track record to continue serving the fund’s investors well,” the board said in a statement.
Smith and Williamson Investment Management manages £1.3bn in its funds business.