Kedge Capital, the firm managing
the investment portfolio of the Bertarelli family in Jersey, has
hired BNY Mellon Asset Management’s vice-chairman to build a global
asset management franchise.
Jonathan Little will join Kedge
Capital as chief executive after 10 years in BNY Mellon as
vice-chairman and acting co-head of the bank’s asset management
division.
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The move comes as Kedge Capital
looks to “commit substantial new capital to build a world-class
asset management business”, including the acquisition of small and
medium-sized investment management firms and the sponsorship of
fund management teams.
Tapping up smaller asset
managers
Ernesto Bertarelli, chairman of
Kedge Capital, said it was a good time to develop the global asset
management franchise.
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By GlobalData“We can offer autonomy and
investment independence to potential partners, as well as a solid
platform and a cultural environment suited to their professional
background.”
Increased capital constraints and
regulatory changes faced by European and US banks will inevitably
lead banks to refocus their business, according to Little.
He added that Kedge Capital will be
able to tap into smaller asset managers looking to revise their
ownership structure and are equipped with good products but lack
distribution or access to capital.
Bertarelli
backstory
Bertarelli established Kedge at the
beginning of 2001 with former GAM chief executive Denis Mirlesse.
Initially it invested solely in private equity, hedge funds and
real estate.
The Bertarelli family’s wealth has
built up over three generations after growing and selling a
biotechnology company in 2007 and netting £4.6bn ($7.2bn).
Estimates now put their wealth at about $10bn.
Ares Life Sciences, a private equity fund, is dedicated to
investing the family’s capital in the health care sector, while the
family also has a real estate portfolio mainly centred in
Switzerland.
