UK - Britannic Asset Management (BAM) has agreed to purchase Edinburgh-based Blairlogie Capital Management from ABN AMRO Asset Management for an undisclosed price.
As part of this acquisition, Gavin Dobson, currently chief executive of Blairlogie, will join BAM to head up the international institutional business and James Smith, currently chief investment officer of Blairlogie, will join BAM in a senior investment management role.
The acquisition will increase total funds under management at BAM by approximately $800m. The acquisition, which is subject to regulatory approval, is expected to complete in early November 2001.
Leslie McIntosh, chief executive of BAM, said: We have indicated for some time that we would be interested in expanding overseas either through joint ventures or acquisitions and Blairlogie is a neat bolt on to our existing activity.
It gives us a strategic entry point into the US and international institutional markets complementing our established presence in the UK institutional market. Blairlogie is a profitable and focused operation with an established international distribution capability, providing an excellent platform for further growth.
Blairlogie, which employs 16 staff, currently operates from its Edinburgh head office. It is intended that in due course the business and staff will be relocated to Glasgow. The business was cofounded in 1992 and manages money for US and Australian institutions.
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