MitonOptimal International, the Guernsey-headquartered discretionary fund management company, is to acquire Coram Asset Management Limited.

The acquisition of the UK fund management company that was co-founded by the late Martin Gray is subject to FCA regulatory approval and will reunite the Coram team with former colleagues at MitonOptimal, in a relationship that dates back more than a decade. Coram has been the manager of MitonOptimal’s Offshore Special Situations Fund since December 2014 and prior to Coram’s formation, James Sullivan co-managed the fund, alongside Martin Gray, at Miton plc.

“Martin Gray’s influence at Coram Asset Management as a co-founder, fund manager and shareholder was significant and his passing marked an inflection point in our business model which led us to explore a number of options available to us,” said James Sullivan, Coram co-founder and fund manager.

“We believe that this deal meets the long-term interests of the investors within the funds managed by Coram and we are delighted to be working with the MitonOptimal team again, cementing a relationship that goes back over 10 years. The company has close to half a billion pounds in assets under management and the balance sheet strength that allows Coram to implement its strategy at a pace that exceeds original expectations.The resource and experience that Scott Campbell and his team bring to Coram will be invaluable in enhancing the service we are able to deliver to our clients” Gray added.

Scott Campbell, managing director and chief investment officer at MitonOptimal said the acquisition would benefit both companies and their clients. “Continuing with the successful long-term investment process for our client’s assets was paramount and James Sullivan and Mel Kennard have proven to be very competent fund managers and business operators respectively,” he said.

“We are excited at the prospect of their joining the MitonOptimal team as we continue to develop our discretionary fund management (DFM), advisory services and funds business on a global basis.”