London-based fund of hedge funds and hedge fund seeding specialist Arundel Partners has sold a strategic stake to parties associated with the Guinness family to help establish a new wealth management business.

The company, which has changed its name to Arundel Iveagh Investment Management Ltd, will run the new division alongside its existing hedge fund operation. The transaction, which is subject to regulatory approval, is expected to complete within two weeks. 
 
The company has also announced the appointment of Chris Wyllie as Chief Investment Officer for the new Wealth Management Division. Wylie joins the company from JP Morgan Private Bank, where he was a director of the private client fund management group. Prior to this, he was with Merrill Lynch Investment Managers and Schroders Investment Management as a director of their respective investment management arms.

Wylie is also joined at Arundel by John Ricciardi, who was formerly Global Head of Asset Allocation at Alliance Capital.
 
In order to accommodate these major initiatives the company has recently moved to larger premises on Queen Anne's Gate.