Barclays has bought Landside, a wealth management firm in the UK, and is also investing in the company, the bank said on Monday.
The investment comes as Barclays aims to strengthen its presence in the asset management market by expanding into the technology sector and expanding its focus on diversification.
Landside has been operating since 2003 and employs about 100 people, according to Barclays.
The company’s main asset manager, Nick Jones, told CNBC last month that the firm was “just getting started” and had more than a million assets under management.
“It’s just a great example of the way we want to grow the business,” he said.
Barclays said the deal would give the bank “strong financial firepower to continue to invest in its wealth management businesses.”
In 2016, Landside said it raised £8.2 million from a private equity fund led by private equity firm Apollo Global Management.
The funds that invested in Landsiden last year received a total of £3.9 million.
Lakeside has attracted a reputation as one of the world’s leading wealth managers and a leading wealth manager for its clients, who are mostly pension funds.
Its products have been used by governments, large multinationals and individuals to manage wealth.
The firm has a strong track record, and the investment comes after Barclays said it had raised £17.8 million through a private placement last year.