Thames River Sold To F&C

Apr 28 2010 | 12:56pm ET

F&C Asset Management is buying hedge fund Thames River Capital for as much as £53.6 million, it said today.

Thames River will keep its management team, led by CEO Charlie Porter, and will operate as an “autonomous” unit within F&C.

F&C CEO Alain Grisay said the acquisition will help it “expand beyond our traditional bias towards insurance funds” and earn it higher fees.

The firm will pay £33.6 million initially for the London-based firm, which manages £4.2 billion in assets. F&C could be on the hook for another £20 million over the next two years, depending on whether Thames River meets its targets.

F&C is funding the acquisition with a £14.6 million share offering, cash and debt.

“There is extremely little overlap in the products and clients,” Grisay told reporters on a conference call, calling the deal “an important milestone” in the development of F&C. “From day one, we can look at Thames River Capital to distribute products aimed at the high-net worth strategy.”


In Depth

Q&A: George Schultze On His Fund's Unique Approach to Distressed Investing

Apr 16 2015 | 1:01am ET

George Schultze is a managing member of Schultze Asset Management, a long/short...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Minnesota Supreme Court Rejects The Ponzi Scheme Presumption: Lenders Claw Back Some Of Their Own Rights

Apr 17 2015 | 9:23am ET

A recent court ruling in Minnesota has put an end to the Ponzi Scheme Presumption...

 

Editor's Note