UK-based investment manager Polar Capital has closed the acquisition of the International Value and World Value equity team from First Pacific Advisors.

First Pacific Advisors is an asset management firm headquartered in Los Angeles. The acquisition of the team, managed by Pierre Py and Greg Herr, was announced in February this year.

The managers called the deal an “ideal fit” by operating environment as well as culture.

Commenting on the deal, they said: “The partnership allows us to focus on generating exceptional, investment-led returns for our clients, while benefiting from the outstanding business support Polar Capital can provide.”

Polar Capital has now formed a new joint venture called Phaeacian Partners, which had $545m assets at the transition at the end of September 2020.

Polar Capital said that the formation of Phaeacian aligns with its plan of diversifying its product line-up into top-performing international and global equity strategies.

The FPA Paramount Fund along with the FPA International Value Fund have now been reorganised into the Phaeacian Global Value Fund and the Phaeacian Accent International Value Fund.

Morningstar rated the two FPA strategies four-star and five-star, respectively, over five years to September 2020. The two vehicles are 1940 Act mutual funds.

Polar Capital CEO Gavin Rochussen said: “The establishment of Phaeacian Partners is the next step in Polar’s strategy to build out our international and global products and our institutional presence in North America.

“The strategies that Pierre and Greg will manage for us, as well as their investment philosophy, are a natural fit with Polar Capital’s investment-led approach to managing our clients’ money.

“We will provide Phaeacian with a best-in-class operational structure, allowing them the investment autonomy to build on their impressive track record and proven, repeatable investment process.”