A new wealth management business has been launched by Craven Street Capital in the wake of its double acquisition. The purchase of Kreston Reeves Financial Planning, based in Canterbury, and Christchurch Investment Management, based in London, has added £850m assets under management and advice to Craven Street.
Chief executive of Craven Street Capital, Soondra Appavoo, commented that the firm hopes to make “further acquisitions over the next few years to create a substantial challenger in the financial planning and wealth management market.”
He said: “We are delighted to have acquired Kreston Reeves Financial Planning and Christchurch Investment Management to create Craven Street Wealth. Both businesses are well established with a real focus on client outcomes.
“Kreston Reeves Financial Planning is a high quality Chartered Financial Planning firm with a strong reputation across the South East. Christchurch Investment Management has an excellent investment track record. We believe there are real opportunities for the two business to work together for the benefit of clients.”
KRFP, the advice arm of Kreston Reeves accountancy, will continue to operate under the same branding for up to two years. All 26 members of staff will remain in the current positions, including the management team.
Managing director of KRFP, said: “We are proud of the business which we have built over the last 30 years, which has rightly gained a strong reputation for client service and professional advice.
“We are excited to be working with the Craven Street Capital team who share our ambition of expanding the business to the benefit of clients and staff.”
Similarly, the nine members of staff at Christchurch will remain with the business under the same branding.
Managing director Anthony Walters commented: “We have a tried and tested investment approach which has delivered a strong track record over a sustained period.
“We believe that the combination of our business with Craven Street Capital and KRFP will create a group with shared ambitions and a real focus on client outcomes.”
Craven Street’s acquisition of Christchurch and KRFP were funded by challenger Shawbrook Bank.