Cardano Group has agreed to acquire Dutch asset management firm, ACTIAM, from Athora Netherlands N.V. for an undisclosed fee.

The deal is expected to close in Q1 2022, subject to regulatory approvals.

The acquisition will enhance Cardano’s sustainability and impact investment offering, increasing its assets under management by more than £18.5bn and broadening its environmental, social, and governance (ESG) advisory capabilities.

It will enable Cardano to offer sustainable equity and fixed-income portfolios in both the active and passive spaces, alongside sustainable stewardship, in house.

As part of the agreed purchase, Cardano will enter into a long-term strategic partnership agreement for 10 years with Athora Netherlands, to manage approximately £13bn of assets, and continue to provide ACTIAM’s sustainable investment capabilities to Athora Netherlands’ differentiated product offering.

ACTIAM is one of the few ‘pure play’ sustainable investment managers in existence.

Following the completion of the deal, Cardano will manage over £50bn of assets and employ over 500 people in the UK and Netherlands across its advisory, investment management and defined contribution businesses.

The acquisition is Cardano Group’s third, following the acquisition of covenant advisory specialist Lincoln Pensions (now Cardano Advisory) in October 2016 and auto-enrolment provider NOW: Pensions in February 2019.

“Sustainability has always been at the core of Cardano’s culture and how we run our business,” said Cardano group CEO, Michael de Lathauwer.

“ACTIAM’s approach is completely aligned with our own in this regard and we are delighted to welcome the ACTIAM team to the Cardano Group. As we start to work with our new colleagues, we look forward to introducing our pension fund and investment clients in the Netherlands and the UK to our broadened advisory and asset management proposition with ESG at its heart.”

Athora Netherlands CEO, Jan de Pooter, added: “We are pleased to have agreed on a 10-year partnership. In Cardano we see the ideal new owner for ACTIAM as we can leverage on the combined knowledge in the field of pensions, it will enhance the service and product offering to our customers and it is an excellent new home for the employees of ACTIAM.

“On behalf of the executive board of Athora Netherlands, I would like to express our appreciation for the commitment, client focus and expertise of our ACTIAM colleagues and I am looking forward to continue our successful cooperation.”

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