Wealth manager Waverton’s merger - announced in the spring with rival London & Capital to form a £19bn AUM wealth management business - has completed after being approved by the FCA.

The combined business will be known as L&C Waverton over the coming months while it undertakes a brand review exercise.

Guy McGlashan, former chief executive of London & Capital, has assumed the role of chief executive of the combined company while former Waverton chief executive Nick Tucker has taken a place on the board.

The merger announced at the end of February will see the combined business serve a range of clients, including high net worth and ultra-high net worth families, charities, financial advisers and institutional clients, in the UK and internationally.

Guy McGlashan said: “Following the FCA’s approval of the merger, we mark a significant milestone today as we formally start to combine our two businesses to build a market-leading client proposition and platform for growth.

“Looking ahead to the coming months, we will continue to work towards a comprehensive integration, prioritising collaboration.”

Nick Tucker said: “The merger with London & Capital marks the next stage in our ambition to become a market leading wealth and investment manager.”

US-based private equity firm Lovell Minnick Partners, previously London & Capital’s majority shareholder, supported the transaction through continued investment and will hold a majority shareholding in L&C Waverton.

Spencer Hoffman, partner at Lovell Minnick Partner, said: “This union creates a robust platform for growth, enhances market reach, and leverages shared resources to drive long-term success.”

Somers Ltd, the majority shareholder in Waverton since 2013, will continue as a significant shareholder in L&C Waverton, alongside a significant proportion of employee shareholders.

London & Capital was established in 1986 as a specialist wealth and asset manager working with private and institutional clients. Based in London, it had more than £6bn in AUM 130 employees. Many of London & Capital’s private clients are international.

Waverton Investment Management Limited was headquartered in London, with offices in Edinburgh and Glasgow and had more than £11bn in AUM and 175 employees. The group included Waverton Wealth Planning LLP and Waverton Investment Management Ltd.

Lovell Minnick Partners has been investing in growth-oriented companies for 25 years. It has stakes in a number of financial firms including fund manager Matthews Asia and insurance brokerage Charles Taylor. Since launch in 1999 it has raised more than £3.76bn of capital, invested in over 50 companies and completed over 175 acquisitions. LMP targets growth-oriented, middle-market companies, with a particular focus on companies in the financial services, business services and financial technology sectors.