BDO, the UK member firm of the international network of accountants, has sold an 84.4 per cent stake in BDO Investment Management to Oakley Capital Private Equity for an undisclosed sum.

The takeover has also seen a new chief executive installed at BDOIM, with David Pitman replacing Richard Spilg. Pitman, the son of one of the UK’s most well-known financiers, Sir Brian Pitman, took over the role yesterday. He was latterly director of marketing at the London Stock Exchange, and is also a former CEO of the wealth management business of Close Brothers.

Moving forward, it is hoped the change in ownership will give BDOIM enough capital to implement its strategy of building scale by increasing discretionary funds under management, attracting high-quality corporate clients and investing in its infrastructure, the firms said in a statement. It is understood the investment manager has plans to grow both organically and through acquisition.

BDOIM offers asset management through the Fitzwilliam Asset Management brand as well as private client and corporate pension services.