Partners at UK-based wealth manager Vestra Wealth, which was
launched almost five years ago, have bought out the minority stake in their
business held by Goldman Sachs.

The US-listed investment house held a stake of around 11 per
cent stake in Vestra Wealth. The shareholding “helped enable the business
[Vestra] to grow and expand its platform, so that it is now one of the leading
independent wealth managers in the UK”, according to a statement from
Vestra Wealth today.

“As we approach our five year anniversary, having built a
platform which is firmly established in the industry, it was the right time for
the partners to agree this acquisition from Goldman,” Vestra Wealth senior
partner David Scott said.

“It also comes at a time of on-going change in the industry.
As regulation has been brought in which supports our own founding values of
transparency and independence, we now look to other areas of the market where
we believe we can take the lead in fulfilling our client’s ever-changing needs,”
Scott said.

The move comes weeks after London-headquartered Vestra
launched a US
business, Vestra US Wealth Management, aimed at the complex regulatory and tax
issues faced by transatlantic investors. This unit is regulated by both the UK’s Financial
Conduct Authority and the US Securities and Exchange Commission.