UK - Private equity firm Hellman & Friedman is backing a man-agreement buyout of London-based fund manager Delaware International Advisers Ltd from the US Lincoln National Corporation.
DIAL, which has more than $19bn in assets under management, is among the largest managers of international and global assets for US institutional investors.
DIAL will continue to have an ongoing sub-advisory relationship with Lincoln National Corporation for the management of international asset classes.
DIAL chief investment officer and managing director, David Tilles, said: “This structure will provide our firm with a continued solid, stable foundation from which we can service our clients’ needs in a consistent, high-quality manner as we grow our business.
“We have structured this transaction to minimise disruption to clients, give control of the business to the management team and provide a firm foundation from which to motivate and retain existing and future generations of professionals within the firm.”
Hellman & Friedman’s previous involvement with European companies includes Formula One Holdings, Axel Springer and ProSieben. DIAL is its third European transaction in the past year.
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