INVESTMENT firm Cripps Portfolio is to expand its assets by £50m after its first acquisition.

The Tunbridge Wells-based operation that emerged in 2001 from law firm Cripps Harries Hall has signed a deal with Adams and Remers of Lewes.

Its investment management team headed by Ian Cooper will transfer to the Tunbridge Wells-based operation at the end of February. Six staff are involved.

Clients are being invited to transfer the management of their investment portfolios with the team. Cripps Portfolio is to keep a small office in Lewes after the transfer.

Chief executive David Lough recently underlined his "risk-averse" approach but confirmed his interest in acquisition if the right prospect came along.

He warned that the end was nigh for the small wealth management operation. Now he has made good his pledge by making this first move into the transfer market.

Mr Lough said: "We are confident that Cripps Portfolio's resources, with our modern investment decision-making processes and systems, will allow us to serve the former Adams & Remers clients well, especially since they will still be able to deal with the team they have known.

"Adams and Remers is a solicitors' firm that we have known well and admired for a long time, so we are excited too about the opportunities to work closely with its partners in Lewes on its clients' future investment requirements.

"With our recent appointment of Adrian Gough in Southampton and now a presence in Lewes, we are confident of bringing our modern investment approach to a much wider audience in the south."

Before the move for Adams and Remers, Cripps Portfolio looked after £450m of funds and employed more than 60 staff in Tunbridge Wells, London and Southampton.