Advertisement
UK markets open in 6 hours 44 minutes
  • NIKKEI 225

    39,103.22
    0.00 (0.00%)
     
  • HANG SENG

    18,868.71
    -326.89 (-1.70%)
     
  • CRUDE OIL

    76.87
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,333.60
    -3.60 (-0.15%)
     
  • DOW

    39,065.26
    -605.78 (-1.53%)
     
  • Bitcoin GBP

    53,330.49
    -1,263.68 (-2.31%)
     
  • CMC Crypto 200

    1,469.86
    -32.80 (-2.18%)
     
  • NASDAQ Composite

    16,736.03
    -65.51 (-0.39%)
     
  • UK FTSE All Share

    4,543.84
    -16.71 (-0.37%)
     

Amber River acquires majority interest in TAM as asset management sector continues to consolidate

Amber River acquires majority interest in TAM
Amber River acquires majority interest in TAM

Amber River has acquired a majority stake in TAM Asset Management for an undisclosed amount as it continues to scale its operations.

The financial advisory firm, formerly known as the Socium Group, is backed by private equity firm Penta Capital and has assets under advice (AUA) of £11bn.

Amber River is aiming to buy 15 to 20 regional hub businesses, each with around £200m to £300m AUA. So far, it has acquired 13 regional hubs.

TAM’s portfolio will be made available across the group. It will continue to work with adviser businesses that sit outside Amber River, however.

TAM currently has £650m in assets under management (AUM).

TAM Chief Executive Lester Petch said the acquisition was a “natural next step” for the business.