Emerging and frontier markets boutique East Capital and Swedish asset manager Öhman will take over the management of Swedish security company Gustavia Asset Management’s fund range.
The transfer is due to occur in November 2017, pending approval and re-registrations by financial regulators in Sweden and Luxembourg.
Around €200m of assets will transferred. The fund “Gustavia Sverige” is to join Öhman’s fund range and the rest of the funds managed by Gustavia will be taken over by East Capital.
Ola Gilstring, founder of of Gustavia, said: “Gustavia received an attractive offer to sell its funds to two top-class players in the Swedish fund market. After careful consideration, we accepted the offer to transfer the management of Gustavia’s funds to East Capital and Öhman Fonder. We are pleased that the management of the funds is taken over by two well-reputed players and are convinced that this deal will be positive for our client.“
Peter Elam Håkansson, chairman and CIO of East Capital, added: “With larger volumes and more scalability, East Capital can put even more efforts on active management and sustainable investments and ultimately develop a more attractive client offering and improved fund range. We have all the necessary resources and infrastructure in place, and are ready to manage the assets we take over from day one.
“Our investment style is focused on active management and we have 20 years of experience in achieving sustainable returns in emerging and frontier markets.”
Johan Malm, CEO of Öhman, commented: “Öhman wants to continue to grow both organically and through acquisitions. The takeover of Gustavia Sweden Fund is a step along this way. We welcome our new fund clients and, of course, hope that they will stay invested with us. We intend to continue working hard to give our clients the best possible returns. We at Öhman see long-term thinking as a crucial element in both our client relations and our management.”
East Capital manages assets of €2.6bn while Öhman has some €8.3bn of AUM.