Gibraltar-based private bank Turicum has acquired a majority stake in UK-based wealth management firm Hassium Asset Management for an undisclosed sum.

The partnership marks the private bank’s first tranche of activity in the UK as part of its ambition to expand its footprint in the UK mainland market.

Both firms have decades of experience in providing asset management services with bespoke investment portfolios.

Turicum specialises in regulatory compliance, risk management and corporate governance, while Hassium’s expertise lies in global financial markets and actively managed investment solutions.

The firms said that the partnership would provide existing and future clients with additional services and a wider international reach.

All clients will remain with their current investment mandates, and no changes will be made to the teams running them on a day-to-day basis or to relationship managers.

BDO LLP acted as financial adviser and Archer, Evrard and Sigurdsson LLP as legal adviser to Turicum Private Bank, while Farrer & Co provided legal counsel to Hassium Asset Management.

“This partnership represents an exciting landmark for Turicum, as our first physical presence in the UK and part of our long-term vision,” commented Turicum Private Bank CEO and executive director, Andreas Businger.

“Hassium’s experience and long-standing reputation, with its focus on offering independent, trusted advice based on personal relationships, aligns perfectly with Turicum’s own ethical values.

“We are confident that Yogi and his team will strengthen and increase the value we offer all our clients and look forward to expanding our reach in London and the UK in the coming years as we develop our tailored solutions to a broader range of clients looking to safeguard and grow their wealth.”

Hassium Asset Management CEO and founder, Yogi Dewan, added: “As founder of Hassium, I feel great comfort knowing that Hassium has found a strategic partner that shares our professional values and provides new synergies.

“Joining Turicum grants us access to more resources, support and capital particularly in the areas of compliance, operations and technology from which all our clients will ultimately benefit, and we are excited to embark on this new partnership.”

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