Wednesday, 26 November 2014
Last updated 22 min ago
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.”
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...