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F&C completes Thames River deal

F&C Asset Management has completed its acquisition of investment boutique Thames River Capital.

The deal, which was originally announced in April, will also see the appointment of Charlie Porter and Jeremy Charles to the F&C executive committee.

Porter has overall responsibility for F&C’s retail and wholesale fund business as part of the deal.

Charles will remain as chief operating officer at Thames River while taking on the group-wide brief of implementing changes to the enlarged business to improve flexibility and efficiency. He will report to F&C chief executive Alan Grisay.

The enlarged group will see Thames River focus on distribution to IFAs and wealth managers and F&C focus on institutional distribution.

Jason Hollands, head of corporate affairs at F&C, says the merger will cause redundancies in the retail and wholesale sales teams, but declined to say who would be affected. He confirms John Yule, head of UK retail at F&C, will head up combined retail sales.

Grisay says: “The acquisition of Thames River is an important component of our strategy of diversifying our revenues beyond our core insurance clients. In particular, Thames River brings a highly complementary set of investment capabilities, including expertise in absolute return, and a proven record of distribution among wealth managers where our presence has been limited.”

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