Friday, 29 May 2015
Last updated 12 hours ago
Jun 22 2010 | 12:34pm ET
Meet the new bosses, Nick Purves and Ian Lance. Same as the old bosses, in this case, as the two fund managers saw their old employer, Schroders, buy almost half of their new employer, hedge fund RWC Partners.
Schroders has bought a 49% stake in the London-based hedge fund, two months after Purves and Lance, its top managers, defected to RWC. The two men have not even started at their new jobs, where they will manage a portfolio similar to the one they managed at Schroders, but were given the option to veto the Schroders deal, Reuters reports.
“They’re totally supportive of it,” RWC CEO Peter Harrison said.
RWC will remain a separately-run company, and its current management team will remain in place.
Financial terms of the deal were not disclosed, and the agreement does not include a commitment on behalf of Schroders to buy a majority stake in the future.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…