JOHIM management to buy out business from Credit Suisse

Senior staff at J O Hambro Investment Management are to buy out the business from owner Credit Suisse with the help of banking group Bermuda National.

Under the terms of the proposed deal, JOHIM management and staff will become shareholders in the business alongside Bermuda National Limited (BNL), with the latter becoming majority shareholder.

Credit Suisse had been looking to offload JOHIM, which has assets under management of approximately £3.6bn and assets under control of around £4.8bn, since early 2012.

“We are very excited about the future and welcome BNL as our new majority shareholder who offers opportunities for us to continue to grow the business, including in areas where we would otherwise not have direct access, such as in emerging markets, where for example [BNL major investor] Utilico has significant investments,” said JOHIM CEO Hugh Grootenhuis.

“The change of ownership has been made with our clients’ interests uppermost in our minds to ensure the right deal both for our clients and for all the staff at JOHIM. There are no plans to change our people, business model or investment process.”

BNL chairman Warren McLeland said the deal is a “significant” move for BNL.

“The proposed acquisition of JOHIM is a significant step for BNL. Not only being its first major acquisition since the restructuring in October 2012, but also because BNL is acquiring a well-known UK private wealth asset manager with a strong track record,” he said.

“BNL continues to be offered opportunities in the financial services sector and we believe that JOHIM is proof of the type of investment opportunities currently available. We are delighted that the management and staff of JOHIM are investing alongside BNL and we look forward to working with them to seek to grow JOHIM.”

 

This article was first published on Investment Week

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