Dalton Strategic Partnership has announced a number of changes to its ownership and management structure, following the death last year of founder Andrew Dalton.
The asset manager has announced that executive partners will take a bigger equity stake in the firm purchased from the Dalton family.
Senior executives will control 51.5 per cent of the firm with the Dalton family retaining a quarter of its equity. The deal is expected to go ahead in February.
According to the firm, the deal will ensure the firm remains independent and will incentivise executives to continue to grow the business.
Tokyo-based FuNNeX Asset Management and Interward Asset Management in Toronto will also retain their interests in Dalton.
As a result of the announcement, Magnus Spence will take over as managing director of Dalton Strategic Partnership.
Spence says: “Andrew was a much-loved and inspirational leader of the firm until his tragic death last year and we are committed to maintaining the independent partnership structure that he created.
“By investing capital in the business and in the Melchior range of funds, the interests of my partners and I are closely aligned with those of our clients who remain at the centre of everything that we do. We are also aligned with our external shareholders and are incentivised to grow DSP as a successful and profitable business.”
Rupert Caldecott, global funds manager and private clients manager, will head its wealth management business.
Fund manager Leonard Charlton – who manages the Melchior European and Melchior Selected Trust European Absolute Return funds – is to head the absolute return business.
Nick Mottram will head its long-only equity business, while Richard Jones is to head sales and marketing.