East Capital, an investment firm focusing on emerging and frontier markets, has agreed to acquire Swedish fund manager Monyx from NewCap.
The deal, whose financial terms were not revealed, is pending regulatory nod.
The acquired entity, managing equity and fixed income strategies, includes Monyx Asset Management and Nordic Fund Services. The deal will add €3bn in assets to East Capital’s books.
Monyx will continue to operate as a separate entity after the takeover and will retain its focus on Nordic and global strategies.
On the other hand, East Capital will continue to prioritise emerging and frontier markets.
Both East Capital and Monyx have branches in Sweden as well as Luxembourg.
East Capital partner Albin Rosengren said: “We are pleased to be the new owner of Monyx, adding a new business line to the East Capital Group. We see a great opportunity in sharing our institutional investment management experience, as well as our strong sustainability and governance expertise.
“We plan to develop and support Monyx by providing additional resources to the investment team.”
The latest deal is said to offer “significant economies of scale” in support functions and in the procurement of administrative and other external services related to portfolio management.