Castlefield Partners, the investment management and financial planning firm, said it was selling the division, subject to regulatory approval, to focus on a single core business, based on discretionary investment management and advisory services.
Under the deal, the two fund ranges run by ConBrio, comprising eight funds, will join Tutman's 150 strategies, for which Thesis acts as ACD.
Link Fund Solutions sale edges closer to completion after key condition satisfied
Of the eight funds, six are managed by Castlefield and two by Sanford DeLand Asset Management. Following the sale, the two companies will continue managing the eight funds, Tutman said.
David Tyerman, CEO of Thesis Unit Trust Management, said: "We are delighted to be working with the team at Castlefield. We knew very quickly that we had found a great cultural fit, with people who clearly care about their customers.
"Our role is a specialist function which requires expertise and scale. Having achieved that in what we do, we can help our partners focus on what matters to them."
Asset managers stick with Link Fund Solutions as ACD
John Eckersley, founder and chair at Castlefield, added: "Castlefield has decided that its primary focus should be on sustainable investment management, based on our commitment to being the ‘thoughtful 'investor'. This, after all, is what matters most to our clients and investors.
"We conducted a thorough due diligence exercise of all ACDs offering an open architecture model ahead of this sale and found that Tutman offered a very close cultural fit to our own. We believe the firm is a market-leading, independent ACD specialist and we are confident that the transfer of ConBrio to its new owner will be seamless."