Bermuda National Limited is acquiring JO Hambro Investment Management from Credit Suisse in a deal that will also give senior management a stake in the business.
BNL, a Bermuda listed financial services holding company created to own financial institutions, will become the majority shareholder and says its will look to achieve synergies across its group of businesses. Its major investor is Utilico, a UK listed investment group.
At 31 December, JOHIM held over £3.6bn of assets under management. The firm has a raft of investment funds including the six-strong Waverton fund range, two alternative products, the JOHIM portfolio fund and the three-strong tailored allocation programme which comprises the JOHIM Sterling Bond, Equity fund and Alternatives fund.
BNL says it intends to retain JOHIM’s management team and investment process.
JOHIM chief executive Hugh Grootenhuis says: “We are very excited about the future and welcome BNL as our new majority shareholder who offers opportunities for us to continue to grow the business, including in areas where we would otherwise not have direct access, such as in emerging markets, where for example Utilico has significant investments.
“The change of ownership has been made with our clients’ interests uppermost in our minds to ensure the right deal both for our clients and for all the staff at JOHIM. There are no plans to change our people, business model or investment process.”
Skerritt Consultants head of investments Andy Merricks says: “When these sorts of deals happen you want to see the minimum amount of change and thankfully that is the case here for investors. There have been examples in the past where this sort of deal can go wrong by not keeping the management in place.”