A Punter Southall Group subsidiary has agreed to acquire a private client business, taking it a step closer to realising its ambition to be a leading player in the sector, and marking the latest in a series of wealth management acquisitions in the past year.

Psigma Investment Management, which has £1.5bn in assets under management, hopes to gain regulatory approval in September to acquire Axa Framlington's private client business. Previously known as Axa Framlington Portfolio Management, the specialist division sits within Axa Framlington's UK equity team, and manages about £380m in assets. Terms of the deal were not disclosed.