By Heather Rydings
Amber River has acquired a majority stake in TAM Asset Management for an undisclosed amount as it continues to scale its operations.
The financial advisory firm, formerly known as the Socium Group, is backed by private equity firm Penta Capital and has assets under advice (AUA) of £11bn.
Amber River is aiming to buy 15 to 20 regional hub businesses, each with around £200m to £300m AUA. So far, it has acquired 13 regional hubs.
TAM’s portfolio will be made available across the group. It will continue to work with adviser businesses that sit outside Amber River, however.
TAM currently has £650m in assets under management (AUM).
Founder and chief executive Lester Petch told Citywire that this acquisition was a question of putting a “square peg in a square hole.”
