Dalton Strategic Partnership, the £2bn ($3bn) investment boutique founded by a former Mercury Asset Management vice-chairman, has hired a team from UK securities firm King & Shaxson.

Dalton, founded in 2002 by Andrew Dalton, has concentrated on retail clients but is making its first steps into the institutional market with the King & Shaxson hires. It is also taking on £130m in institutional funds previously managed by Shaxson.