Investment services group Ravenscroft is set to expand after announcing plans to acquire the Channel Islands operation of MitonOptimal Group

Investment services group Ravenscroft is set to expand after announcing plans to acquire the Channel Islands operation of MitonOptimal Group.

Ravenscroft, which has five offices including one at Tees House in London Road, Bishop's Stortford, has entered into an agreement to purchase MitonOptimal Portfolio Management (CI) Limited and Verity Life Limited.

The deal, which is for an undisclosed sum, is subject to regulatory approval. MitonOptimal's team in Guernsey will move across to Ravenscroft once the sale has been completed and the two companies will trade as Ravenscroft.

"There are a number of synergies between MitonOptimal and Ravenscroft's offerings and we both share a real focus on client service," said Ravenscroft group managing director Mark Bousfield, whose company expanded into the Isle of Man last year.

"The acquisition will see MitonOptimal's experienced team join Ravenscroft, increase our assets under administration and provide us with further opportunities in the Channel Islands, the UK and further afield."