Hoxton Wealth Raises $135 Million From Aspirity Partners in First Outside Funding

The investment is the first outside funding Hoxton has taken. The group said the money will support its growth plans and international expansion, including hiring and strategic acquisitions.

Hoxton advises British nationals living outside the United Kingdom on retirement and investment. It serves about 10,000 clients and manages more than $5 billion in assets, according to the report. Chris Ball, who founded the group with Matt Dean in 2018, will keep a majority stake after the deal.

The Investor

Aspirity closed its first fund last year at just over €875 million. It invests in fintech, financial services, enterprise technology and connectivity companies.

Aspirity's founder said internationally mobile clients are a market worth about $1.2 trillion that is growing at 16% a year, and that only a quarter of these clients receive financial advice. "These are people whose financial needs become more complex when they cross borders," he said, in remarks quoted in Arabic by Al Bayan.

Why It Matters for the UAE

The deal comes as more Britons move abroad. They include wealthy individuals, some of whom left after tax changes such as the end of the non-domiciled regime, and younger professionals looking for better jobs elsewhere.

The UAE, and Dubai and Abu Dhabi in particular, has been one of the main destinations for these moves, drawing high-net-worth individuals, finance professionals and family offices. Global banks including JPMorgan Chase, Barclays and HSBC have been growing their private banking businesses in the country to meet rising demand for wealth management, the report noted.

For Gulf financial centres, a well-funded adviser focused on expatriates adds to the competition for clients who have recently relocated. It also shows that private equity investors see cross-border wealth advice as a business that can grow through acquisitions. Hoxton has already bought several smaller advice firms in recent years, and the new funding gives it more money for that strategy.

The report did not give a valuation or say which acquisitions, if any, Hoxton is pursuing.