UK/EUROPE - Threadneedle Asset Management, part of Zurich Financial Services, has acquired a near 30% stake in multi-manager Attica Asset Management (Attica).
Attica’s management retains overall control of the company. The deal, subject to regulatory approval, will mean Attica leverages off Threadneedle’s UK and Europe distribution network; Threadneedle, which already has £50bn of assets under management, will gain access to the manager-of-managers market.
Chairman of Attica Robert van Maasdijk said: “Our institutionalmulti-manager and alternative products divisions are participating fully in the growth of their respective markets, and this investment ensures that we can continue to do so.”
Attica is divided into two units - the institutional multi-manager division (long only) managed by Derrick Dunne and Guy Davies, and the alternative products division managed by Tony Robinson and Glenn Baggley which deals mainly in hedge fund-of-funds.
The current range of funds received regulatory approval in December 2000 following Attica’s separation from Mercer. A strategic partnership was later formed with Mercer Investment Consulting to provide a bundled service (Mercer 360) to small-sized pension funds.
The alternatives division also recently entered a joint venture with LJH Global Investments to develop customised risk profiles for institutional investors and high net worth individuals.
By Madhu Kalia
Industry Voice: Sponsored by Eaton Vance
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.