British investment manager Polar Capital has agreed to acquire the International Value and World Value equity team of First Pacific Advisors (FPA), an investment manager headquartered in Los Angeles.

The move will result in the transition of portfolio managers Pierre Py and Greg Herr, who will now form a joint venture (JV) with Polar Capital. The JV will be called Phaeacian Partners with separate branding.

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At FPA, the pair oversaw around $1bn in three pooled vehicles and three institutional segregated accounts at the end of December 2019. The managers are said to have philosophies similar to Polar Capital.

According to Polar Capital, the acquisition will make its distribution network and operational support available to the FPA team.

The recent move aligns with Polar Capital’s plan to target active investment strategies that serve institutional investors mainly in North America.

Polar Capital CEO Gavin Rochussen said: “This is a very exciting development for Polar Capital that begins to deliver our strategy to develop an international and global product, an institutional presence and to establish a Polar Capital North American bridgehead to complement our existing east coast presence.

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“The establishment of Phaeacian Partners is clear evidence of the delivery of this strategy.  Pierre, Greg and their colleagues are precisely the type of team that we have been looking to recruit; a global and international equity team, deploying a fundamental value style of investing with an excellent track record, with existing institutional support and significant growth potential.”

The move awaits regulatory, shareholder and board nod, with closure expected in the second half of this year.