The Channel Islands investment manager has finally cut ties with Dawnay Day after a five year affiliation with the Company.
DDM, which has £0.6bn worth of assets under management, was founded in 1997 by Robert Milroy. The Company signed a licensing agreement in 2002 to use the Dawnay Day name but it has remained managed and owned from the Channel Islands.
Fifty per cent of the firm was already owned by the management and the remaining stake was owned by private shareholders and investors in the Channel Islands. The buy out of the remaining shareholders is being led by Milroy and joint managing director Paul Meader with funding from the management team.
Corazon co-managing director Robert Milroy says: “Our ability to execute a management buyout at this time when markets have been in such turmoil is testament to the stability created by an absolute return approach to investing. We have preserved and enhanced capital over the bear market cycle and, in so doing, created strength in our business and value for clients and stakeholders alike.”
Co-managing director Paul Meader adds: “Our new Corazon identity will allow us to capitalise on over 10 years of growth and success. We continue to focus on our long term expansion plans, such as our forthcoming Geneva office opening and a series of innovative product launches.”