Albion acquires Close Brothers' OLIM

The move forms part of Albion's strategy to diversify its activities beyond its six venture capital trusts (VCT).

OLIM has £490m in assets under management and focuses on charities, trusts and private clients. The firm's portfolio of vehicles includes Close OLIM UK Equity Income Fund, Charity Value and Income Fund, and the Value and Income Trust.

The development comes 10 months after the UK government made changes to VCT and enterprise investment scheme (EIS) structures in order to comply with European state aid rules. The new regulations mean VCT and EIS funds can no longer take ownership stakes, are limited to investing a maximum of £12m per asset – £20m where the business is judged to be "knowledge-intensive" – and can only invest in companies under a certain age.

In January 2016, Albion was commissioned to manage the new £50m UCL Technology Fund of University College London.

As part of the latest deal, OLIM's joint founder and chief executive Angela Lascelles will continue in her role.

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