Dedicated impact wealth manager Tribe Impact Capital has acquired multi-asset impact platform Snowball Impact Investments, subject to regulatory approval.

Tribe said that the strategic acquisition enhanced its wealth management business by adding specialist private market capabilities for professional investors.

The impact wealth manager will acquire 100 per cent ownership of Snowball, with all existing members of both Tribe and Snowball remaining invested.

Snowball was founded by Alexander Hoare of Green Bottle Trust and James Perry of Panahpur, alongside other asset owners including Skagen Conscience Capital and Friends Provident Foundation.

Tribe said the addition of Snowball brought additional scale and diversification to its impact proposition, and enabled it to meet rising demand with an impact investment offer that spans public and private markets.

Both firms are B Corporations and stated that they shared a common goal of changing the wealth and investment sector.

Commenting on the acquisition, Tribe founder and chair, David Scott, said: “This acquisition represents a pivotal moment in our journey.

“By bringing a respected name like Snowball into Tribe, we expand our reach in private markets and reinforce our commitment to move money in support of the UN SDGs.

“We continue to grow through extraordinary market conditions and we’re proud to be setting a new benchmark for what impact-led wealth management can achieve.”

Snowball founder and chair, Alexander Hoare, added: “Snowball’s goal was always to make positive impact part of the future of all investing.

“By bringing together complementary strengths we are creating a much broader and stronger offering which will help clients who would like simpler and robust access to investments which integrate impact, risk and return.

“I am delighted that Golden Bottle Trust is reinvesting to become a major shareholder in Tribe, joining other investors who have recognised it is possible to target both financial performance and measurable progress for society.”

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