Wealthspire's Ground Control buys London's Atlantic Swiss, a $1B wealth manager

Wealthspire's Ground Control Business Management unit has bought Atlantic Swiss, a London private wealth manager with more than $1 billion in assets under management and administration. The deal closed Oct. 1, according to the release. Wealthspire, which Financial Advisor Magazine describes as an RIA with $660 billion under management, did not disclose a purchase price in the release.

Founder Craig Bell stays on as president, overseeing more than 20 employees, including eight advisors, according to Wealthspire. Nick Parkinson, president of Ground Control's U.K. division, supports the team. Atlantic Swiss advises clients primarily across the U.K. and Western Europe.

Wealthspire said that experience dovetails with the sports-and-entertainment-focused division it launched earlier this month, with nearly $3 billion in assets. The target's client base spans professionals in film, television, sports, music and fashion, per the release.

Eight advisors against more than $1 billion in assets under management and administration works out to over $125 million per advisor, though that figure includes administered assets, not only discretionary portfolios. Bell described the combination as the "natural step" after years of partnering with Ground Control, which suggests the two firms were already working together on client accounts before the sale.

Berkshire Global Advisors was exclusive advisor to Wealthspire.