European financial services private equity firm AnaCap Financial Partners has taken its first step into UK wealth management with an agreement to acquire Wealthtime, reports Jane Connolly.

Acquiring the wealthtech platform for an undisclosed sum marks the start of AnaCap’s sector growth and consolidation strategy.

Wealthtime’s proprietary technology platform assists independent financial advisors (IFAs) by bringing together clients’ investment portfolios and financial assets via one digital hub.

“The acquisition of Wealthtime represents AnaCap’s first step into the UK wealth management space, with their highly impressive proprietary technology platform being a significant catalyst for the pursuit of this deal,” says Nassim Cherchali, AnaCap’s managing director.

“Wealthtime is widely recognised in the IFA community for its high-quality service offering, while already showcasing an impressive customer base that has largely been established through word of mouth alone to date.”

He adds: “We are very excited to implement the first stage of our plan to invest in the company’s sales and distribution platform, as well as to work with management in implementing the targeted buy and build strategy for 2020 and beyond.”

Wealthtime currently has more than €2 billion in assets under administration. Completion of the transaction is subject to regulatory approval.