Punter Southall buys rest of PSigma
Punter Southall has taken 100 per cent ownership of fund management boutique PSigma Asset Management.
PSigma Asset Management was formed in February 2007 as a joint venture - 50 per cent owned by the founder partners and 50 per cent by the Punter Southall Group. Since then, assets under management have grown to around £750m.
Both leadership teams say there will be no changes to key investment teams and managers as a result of the acquisition. The PSigma funds and institutional mandates will continue to be managed in the same way.
As a result of this transaction, Bill Mott and Ian Chimes, two of the founding partners of PSigma Asset Management, have become significant shareholders in the Punter Southall Group.
Punter Southall chief executive Jonathan Punter said the deal reinforces the scope and scale of investment services the Group is able to offer to a broad spectrum of clients.
Punter says: “Our business keeps growing and this agreement is part of the strategy to provide a unique range of financial services. Over the last five years, we’ve enjoyed a creative and fruitful relationship with Bill and Ian and look forward to working together for continued future success.”
Ian Chimes says: “Both our investment and management teams have thrived within the Punter Southall Group, despite some of the most difficult market conditions imaginable. This move retains our position as a first-class investment boutique and continues to allow our highly-skilled investment team to focus on what they do best - managing money.”
Bill Mott says: “It will be ’business as usual’ for us with no changes to roles and responsibilities within the UK Team. There will be no change to the way the UK funds and institutional mandates are managed. All staff at PSigma Asset Management have equity or equity options participation in the Group and will benefit from its continued growth and success.”