Credit Suisse Group has completed its sale of its J O Hambro Investment Management (JOHIM) to Bermuda National Limited (BNL), following approval from the FCA.
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JOHIM is a UK-based specialist investment manager which focuses on discretionary portfolio management for private clients, charities and institutions as well as offering a suite of specialist managed investment funds. As at 30 June 2013, JOHIM had assets under management of approximately £3.9 billion.
BNL intends to retain JOHIM’s management team, the client relationship focus and its investment process.
JOHIM said that the acquisition allows its existing management continued autonomy in running the business and the opportunity for the management and staff of JOHIM to become shareholders alongside BNL. In addition, the existing independent directors are set to remain on the executive board for the foreseeable future.
Warren McLeland, chairman of BNL, said: "The acquisition of JOHIM is a significant one for BNL and will provide a number of opportunities for the group going forward.
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By GlobalData"BNL continues to look at opportunities in the financial services sector and the acquisition of JOHIM is indicative of the type of quality company that BNL is seeking to identify to grow the group further. We are looking forward to working with JOHIM’s management to continue to build the company based on the excellent track record that they have achieved to date."
