AN AWARD-WINNING York asset management firm has been taken over by a London stockbroker.

The London York Group today announced that it has conditionally agreed to merge with publicly-quoted London stockbroker and fund manager Walker, Crips, Weddle, Beck plc (WCWB).

The York organisation will maintain its autonomy and it will be business as usual at its Foss Islands Road offices.

WCWB is acquiring the shares in the London York parent company, G&E investment Services Limited, and London York's managing director, David Hetherton, and chairman and co-founder, Bob Elliott, will join the WCWB Board.

The original shareholders, including Mr Hetherton and Mr Elliott (recently retired from Garbutt and Elliott), will continue to own the York building which was the old HQ of York builders William Birch & Sons. Completion takes place with WCWB shareholder approval and formal Financial Services Authority consents.

London York Fund Managers was started in 1980 by five professionals seeking to provide innovative solutions for rich clients.

Over the next decade, it established pension funds management and administration, and provision of life assurance and investment schemes.

The London York group of companies consists of London York Asset Management, London York Financial Services and London York Pensions Management. It employs 37 people, none of whom are affected by the takeover. It manages about £250 million.

The firm has been showered with plaudits, with its Select Income Fund ranked number one in the balanced managed three-year performance sector by Standard & Poors assessors in 2003. It consistently outperformed almost 100 funds over the course of three years.

The fund was also shortlisted in the UK Retail Fund of Funds awards.

Now it is regarded as one of the leading independent financial advisory and fund management groups in the North of England.

Mr Hetherton said: "The financial services world is in a state of near-constant change, and we felt we had reached a stage where the right strategic partner would add greatly to our business, but we made sure that in the process we were getting into bed with the right organisation."

Updated: 10:55 Tuesday, February 15, 2005