UK - Close Investments has acquired Aon Asset Management, Aon Consulting's UK-based multi-manager arm for an undisclosed sum.

It will be combined with its own multi-manager operation, Close TEAMS, to form Close Multi-Manager, which will have funds under management of around £2bn (€3bn).

Aon Asset Management's head Adrian Swales will become chief executive of Close Multi-Manager, following the retirement of Stuart Gordon, the current head of Close TEAMS.

Close's Steve Delo will become the new venture's managing director and Tommy Garvy, from Aon will become chief investment officer.

Rufus Warner, chief executive of Close Investments, Close Brothers Group's investment division, said that the business was looking to enhance its critical mass "to ensure well-priced access to the best managers".

He added it wanted a quality manager selection engine and efficient delivery of "cutting edge" manager combinations.

"The acquisition of Aon Asset Management and its merger with Close TEAMS enhances all three [criteria]," said Warner.

No jobs will be lost, in fact the entire Aon Asset Management team will be moving into Close's London offices, managing director Stuart Alexander told IPE.

The deal has been approved by the Financial Services Authority and the Irish Financial Services Regulatory Authority, Close Investments said.

The Dublin-based Aon business was formed in March 2003 and includes six so-called open-ended investment company (OEIC) funds covering global asset classes. Clients include Norwich Union, the firm said in a release.

The move follows several changes at Close Investments including a new branding and an internal reshuffle which saw head of distribution Stuart Alexander replace Anthony Wyld as managing director.

Wyld has stepped into the role of intermediary strategic development director, the firm announced at the end of last year.