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MitonOptimal acquires Jersey wealth manager – International Adviser

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The acquisition has already received regulatory approval in Jersey and adds £66m ($92m, €74.4m) in asset under management, which lifts MitonOptimal’s AUM to around £880m, according to Guernsey Finance.

Orchard is led by fund manager Richard Harwood, who will join the MitonOptimal board. Harwood manages the Orchard Fund, a Dublin-listed Ucits.

Scott Campbell, group managing director and chief investment officer at MitonOptimal, said: “We have invested with Richard and watched his progress for a number of years now. The benefits of joining our businesses together, particularly with our Dublin fund focus, and partnering with the MitonOptimal team to further develop our Jersey discretionary fund management (DFM) services, make sense.

“As we continue to develop our DFM, model portfolio services and funds business on a global basis, this was a sensible next step for us both.”

In addition to the crown dependencies, MitonOptimal has a presence in South Africa and Singapore.

Harwood added: “With increased regulation and distribution cost for small fund management businesses, MitonOptimal was a logical choice to partner for the future. My aim is to focus on continuing to deliver top quartile performance on our Orchard Fund [an enhanced global equity income strategy] and building on our Jersey relationships.”