Channel Island-based investment services group Ravenscroft, which has £7.45bn in Assets Under Management, has bought the Isle of Man subsidiary of WH Ireland.

Ravenscroft Holdings Limited has signed a conditional agreement with WH Ireland to acquire WH Ireland (IOM) Limited for an undisclosed sum.

The Isle of Man business provides clients with investment management services, including discretionary asset management, and has assets under management of more than £300m.

The six employees in the Isle of Man will join Ravenscroft with the group now employing 120 people in offices in Guernsey, Jersey and the UK. The deal marks Ravenscroft’s first office on the Isle of Man.

It follows Ravenscroft’s recent expansion in the UK through the acquisition of the investment management portfolio from legal and financial services company Tees earlier this year.

The Isle of Man business will be known as Ravenscroft (IOM) Limited and trade as Ravenscroft.

Ravenscroft group managing director Mark Bousfield, said: “Ravenscroft’s strategic expansion continues to be achieved through both organic growth and targeted acquisitions of businesses that either expand the services we provide or allow us to offer those services in a new jurisdiction.”

  Will Corrin, managing director and head of WHI Ireland (IOM) Limited, will become a director of Ravenscroft (IOM) Limited. Head of investments at WHI Ireland (IOM) Limited David Bushe will also become a director of Ravenscroft (IOM) Limited.