Tosca Private Investments Fund to acquire a significant minority stake in Plurimi

Toscafund Asset Management LLP, through Tosca Private Investments Fund, has agreed today to acquire a significant minority stake in London-based independent wealth manager Plurimi Wealth LLP and its affiliates. The transaction, subject to customary regulatory approvals, will be the first investment by TPIF.
TPIF, a new specialist vehicle that will target small/mid-market private equity opportunities in the European financial services sector, intends to focus on partnering with founders and entrepreneurs looking to accelerate the growth of their business. Established in 2008 by Ramzy Rasamny, Plurimi has grown organically to become one of the leading independent wealth management platforms catering to the needs of a sophisticated ultra-high net worth (“UHNW”) global clientele, reaching US$3bn in assets under management. Since its founding, Plurimi has rapidly established itself as a best-in-class provider of wealth management services through a scalable open- architecture model, providing its clients with a single point of access to the entire investment management industry.
Plurimi focuses on the UHNW segment, a large and fast-growing market that is expected to benefit from significant organic growth as well as consolidation opportunities, driven by both technology shift and regulatory developments.
Following the investment by TPIF, the majority of Plurimi will stillbe held by the firm’s founder and senior partners. In line with TPIF’s investment philosophy of building partnerships with management teams, Plurimi will continue to be run by Ramzy Rasamny and current senior executives while leveraging on the expertise and support of TPIF.
Speaking today, Ramzy Rasamny, founder and CEO of Plurimi said, “As a leading independent wealth manager, the investment by TPIF constitutes the cornerstone in Plurimi’s ambition to accelerate its growth strategy and build a truly independent pan-European wealth management platform. We are determined to materially grow the business and to take advantage of disruptions created by new regulation and the digitalisation trends in the sector. TPIF and Plurimi are aligned in this vision as well as the growth outlook for Plurimi and the independent wealth management industry. I am pleased to welcome them to the group”.
Fabrizio Cesario, Partner at Toscafund, commented: “We are pleased toannouncetodaythefirsttransactionofTPIF. BuildingonToscafund’slongstanding track-record in providing growth capital to entrepreneurs, this transaction is a strong fit with TPIF’s objective of providing financial and operational support to strong, fast-moving businesses embracing the opportunities provided by both regulatory and rapid technological change fundamentally disrupting the financial services industry. This transaction also confirms our long held belief in the significant and wide opportunity set in private European small/mid cap financial services, our primary target”.
George Koulouris, Partner at Toscafund, commented “We are delighted to join the existing equity partners of Plurimi and support the continued growth and development of the business as it seeks to grow its market-leading proposition to become the foremost independent wealth manager in the UHNW segment. We were attracted to Plurimi’sinnovative and scalable business model and see great growth potential which we can support by providing capital to the company as required.”