Northill Capital has agreed to purchase a 55% stake in asset management firm Longview Partners, which specializes in equities portfolio management.
Additionally, Northil will also acquire 100% of the shareholding of Keith McDermott, Longview’s chief executive and co-founder, who will retire after the completion of the transaction.
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According to Northill, the remaining balance of the equity acquired will belong to other shareholders, including Ramzi Rishani, chief investment officer (CIO) of Longview Partners and co-founder.
Following the deal, Rishani and Longview partner Maria Lund will become co-chief executives of the firm while Rishani will continue to serve as CIO.
Under the deal, all remaining partners at Longview will continue with the firm while the number of equity owners will increase over time to reflect the continued development of the firm’s breadth and depth.
The deal with Longview follows Northill’s approach to invest over the long-term in well managed, high quality, specialist asset management businesses.
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By GlobalDataFenchurch Advisory Partners has served as an advisor for Northill on the deal.
Jon Little, partner at Northill Capital, said: ""As an owner alongside management, we are focused on being a long-term, supportive partner. As Longview addresses its own succession, entering into a partnership with Northill will ensure the business continues to develop whilst maintaining its strong investment performance."
Keith McDermott, CEO of Longview Partners, said: "Longview’s partnership with Northill represents a strong fit with our values and culture. As I retire, I am confident that in Northill, Longview has found the right long-term partner to ensure the optimal outcome for our clients, employees and shareholders."
Ramzi Rishani, CIO of Longview Partners, said: "Significantly, this transaction ensures that Longview remains an independent partnership where the existing team continue to run the business. Our partnership with Northill will ensure the continued development of our Firm, while preserving our investment process, distinctive culture and primary commitment to serving our clients. "
Founded in 2001, Longview manages $19.5 billion on behalf of institutional investors. Northill, founded in 2010 by Jon Little, is an asset manager backed by the Bertarelli family.
