UK broking firm Charles Stanley has bought the asset management boutique Evercore Pan Asset Capital Management, co-founded by Conservative Party MP John Redwood, for an undisclosed sum.

The firm manages funds totalling £590 million, many of which use exchange-traded funds to achieve their objectives. The firm was founded in 2007, by Redwood, a former NM Rothschild investment banker, who chairs its investment committee, alongside chief executive Christopher Aldous.