Ground Control Business Management, a division of US wealth firm Wealthspire, has acquired Atlantic Swiss, a London-based private wealth manager with more than $1 billion (£800 million) in assets under management and administration.
Atlantic Swiss provides financial planning and investment management to clients mainly in the UK and Western Europe, many of them professionals in film, television, sport, music and fashion. Its “family CFO” approach brings planning and investment management together to address clients' interconnected financial needs.
The deal builds on Ground Control's existing UK presence, takes Wealthspire's wealth management capabilities into a key international market and complements Wealthspire's recently launched Sports & Entertainment practice, which serves clients whose finances are closely tied to their careers.
Founder Craig Bell will continue to lead Atlantic Swiss as president, overseeing more than 20 employees including eight advisors, supported by Nick Parkinson, president of Ground Control's UK division. Wealthspire chief executive Mike LaMena said Bell and his team have built lasting client relationships and will now have added depth and support behind them, while Bell described joining Wealthspire as the natural next step after years of working with Ground Control.
Wealthspire brings together affiliated firms providing wealth management, institutional advisory, business management and family office services to individuals, families and institutions in the United States, Canada and the United Kingdom. Berkshire Global Advisors acted as exclusive advisor to Wealthspire on the transaction.
Source: Wealthspire via Business Wire.
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