UK/AUSTRALIA - Investment management boutique J O Hambro Capital Management is to be acquired by Australian fund manager BT Investment Management (BTIM) in a £209m ($337m) deal.
The acquisition comprises £7.1bn of institutional and retail assets under management in actively managed funds and segregated mandates, together with a 9.9% interest in London-based JOHCM's private client business.
Owned by the Westpac Group, BTIM has A$34bn of funds under management (as at 30 June 2011) and operates a boutique model across a range of investment products including Australian equities, fixed income, global macro and cash.
There will be no change in day-to-day operations at JOHCM, which will operate as a stand-alone boutique in the BTIM group.
It will continue to be managed by the existing JOHCM management team, with Gavin Rochussen (pictured) and Jamie Hambro continuing as CEO and non-executive officer respectively.
There will also be no changes to JOHCM's existing fund managers, who will continue to have full discretion over investment decisions and strategies, or to its client-facing professionals.
Gavin Rochussen, JOHCM chief executive, said: "This [transaction] represents a significant step in the evolution of JOHCM and provides certainty in the form of a committed long-term partner.
"We see significant growth potential for JOHCM, with a robust framework in place to attract, incentivise and retain the best fund management talent while continuing to offer our fund managers full autonomy in their investment decision-making."
Emilio Gonzalez, CEO of BT Investment Management, added: "The acquisition of JOHCM represents an exciting opportunity to create a diversified investment management business with two powerful brands.
"It is consistent with our strategic objective to diversify and grow our group, while the strong cultural fit, aligned business models and investment philosophies make for a powerful long-term partnership."
As part of the transaction, JOHCM will retain a 9.9% stake in private client business James Hambro & Partners. James Hambro & Partners LLP will be acquired by its key partners and its close links with JOHCM's fund managers will be strengthened. Its senior management team is unchanged, with Jamie Hambro continuing as chairman and Andy Steel continuing as CEO.
The deal remains subject to FSA approval.
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