J O Hambro Capital Management Group today announced the acquisition of its core investment management business by the Australian BT Investment Management (BTIM).
Under the terms of the deal, BTIM will take over J O Hambro Capital Management’s (JOHCM) £7.1bn (€8.1bn) of assets under management in actively managed funds and segregated mandates, as well as a 9.9% stake in JOHCM’s private client business for £209m.
BTIM, 60% owned by the Westpac Group, is a Sydney-based fund manager with over A$34bn (€25.6bn) of funds under management (as at 30 June 2011).
CEO of JOHCM, Gavin Rochussen, said: “Together with BTIM we will continue to deliver strong investment performance for our clients. We also see significant growth potential for JOHCM, with a robust framework in place to attract, incentivise and retain the best fund management talent while continuing to offer our fund managers full autonomy in their investment decision-making.”
Subject to regulatory approval, the transaction is expected to close in the fourth quarter of 2011.
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