Ravenscroft plans to expand into the Isle of Man with the acquisition of WH Ireland’s subsidiary on the island.
Ravenscroft Holdings Limited, the parent of the investment services company, has entered into a conditional agreement with WH Ireland to acquire 100% of the issued share capital of WH Ireland (IOM) Limited.
‘Ravenscroft’s strategic expansion has been through both organic growth and targeted acquisitions of businesses that either expand the services we provide or allow us to offer those services in a new jurisdiction. What has been imperative with all acquisitions is a similar culture and commitment to clients and we have found that in WH Ireland (IOM) Limited. Ravenscroft’s experience and knowledge of being in Guernsey and Jersey will be particularly invaluable as we establish ourselves in the Isle of Man,’ said Ravenscroft group managing director Mark Bousfield.
‘We look forward to welcoming the team and their clients to Ravenscroft. Continuity of service is incredibly important and so it will be the same team, the same office, the same telephone number and there will be no impact on any client relationships.’
The Isle of Man business provides a broad range of investment management services to a diverse and largely institutional international client base, with assets under management of more than £300 million. The six employees in the Isle of Man will all join Ravenscroft with the group now employing 120 people across its offices in Guernsey, Jersey and the UK. This will be the second acquisition this year for Ravenscroft following the acquisition of the investment management portfolio from legal and financial services company Tees.
‘WH Ireland’s Isle of Man office was our only offshore presence and following recent senior hires, we reviewed the whole business and decided to concentrate on the UK market.
‘It was important to us that we found new owners for the Isle of Man business who had the energy and focus to drive it forward. I am absolutely confident that we have that in Ravenscroft and we will maintain close contact to ensure a seamless transition’, said Philip Wale, WH Ireland chief executive officer.
The Isle of Man business, which will be known as Ravenscroft (IOM) Limited and trade as Ravenscroft, will continue to offer discretionary asset management and it is expected to expand its offering to include all Ravenscroft’s services.
‘We are excited and energised about being part of Ravenscroft, which is a dynamic, growing and entrepreneurial company. We already know that it will enhance our offering and provide additional benefits to our clients,’ said managing director of WHI Ireland (IOM) Limited Will Corrin.
Head of investments David Bushe added, ‘Ravenscroft’s experience in the Channel Islands means they understand the importance of being part of an island community, which we know will be appreciated by existing and future clients.’
The deal is subject to approval from the Isle of Man Financial Services Authority.