Tosca will make the investment through Tosca Private Investments Fund. The deal, subject to regulatory approval, is the first investment by TPIF.
The Plurimi group, which includes a number of Chartered members of the CISI, was founded in 2008 by Ramzy Rasamny to serve clients in the UHNW, HNW, entrepreneur and sophisticated investor sectors. It has offices in London, Dubai and Gibraltar and approximately Ј2.3bn in assets under management.
TPIF is specialist vehicle set up to target small and mid-market private equity opportunities in the European financial services sector.
Following the investment by TPIF, the majority of Plurimi will still be held by the firm’s founder and senior partners. Plurimi will continue to be run by founder Ramzy Rasamny and current senior executives while leveraging on the expertise and support of TPIF.
Ex-Credit Suisse executive Ramzy Rasamny, founder and CEO of Plurimi said, “As a leading independent wealth manager, the investment by TPIF constitutes the cornerstone in Plurimi’s ambition to accelerate its growth strategy and build a truly independent pan-European wealth management platform.
“We are determined to materially grow the business and to take advantage of disruptions created by new regulation and the digitalisation trends in the sector. TPIF and Plurimi are aligned in this vision as well as the growth outlook for Plurimi and the independent wealth management industry. I am pleased to welcome them to the group”.
Fabrizio Cesario, partner at Toscafund, said: “We are pleased to announce today the first transaction of TPIF. Building on Toscafund’s longstanding track-record in providing growth capital to entrepreneurs, this transaction is a strong fit with TPIF’s objective of providing financial and operational support to strong, fast-moving businesses embracing the opportunities provided by both regulatory and rapid technological change fundamentally disrupting the financial services industry.
George Koulouris, partner at Toscafund, said: “We are delighted to join the existing equity partners of Plurimi and support the continued growth and development of the business as it seeks to grow its market-leading proposition to become the foremost independent wealth manager in the UHNW segment.”
Toscafund has a track record of supporting management teams and providing growth capital to private companies. Notable investments in financial services companies include Aldermore Bank, Hoist, Atom Bank, OakNorth and Esure.