Tuesday, 22 July 2014
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.”
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…