Sunday, 19 April 2015
Last updated 2 hours 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.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…