Credit Suisse has agreed to sell J O Hambro Investment Management (JOHIM) to Bermuda National Bank (BNL) and JOHIM’s existing management, subject to regulatory approval from the UK’s Financial Services Authority (FSA).
JOHIM is a London-based specialist investment manager which focuses on discretionary portfolio management for private clients, charities and institutions as well as offering a suite of in-house managed investment funds. Its Head Office is in St James’s in London and it has over 100 employees including 25 experienced portfolio managers who have been with the business for a number of years. As at December 31, 2012 JOHIM had Assets under Management of approximately GBP3.6 billion and Assets under Control of approximately GBP4.8 billion.
BNL is a Bermuda listed financial services holding company created to own financial institutions, including banks and investment advisory businesses. Its major investor is Utilico which is a UK listed international investment group with a diversified portfolio of businesses. BNL intends to retain JOHIM’s management team, the client relationship focus and its investment process. The acquisition also allows JOHIM’s existing management continued autonomy in managing its business and the opportunity for the management and staff of JOHIM to become shareholders alongside BNL.
Hugh Grootenhuis, CEO of JOHIM, says: “We are very excited about the future and welcome BNL as our new majority shareholder who offers opportunities for us to continue to grow the business, including in areas where we would otherwise not have direct access, such as in emerging markets, where for example Utilico has significant investments. The change of ownership has been made with our clients’ interests uppermost in our minds to ensure the right deal both for our clients and for all the staff at JOHIM. There are no plans to change our people, business model or investment process.
“We have enjoyed a successful relationship with Credit Suisse over the last twelve years, and will continue to work with Credit Suisse and to manage portfolios for their clients in the future.”
Warren McLeland, Chairman of BNL, says: “The proposed acquisition of JOHIM is a significant step for BNL. Not only being its first major acquisition since the restructuring in October 2012, but also because BNL is acquiring a well-known UK private wealth asset manager with a strong track record. It is expected that the acquisition will provide a number of synergies across the group. BNL continues to be offered opportunities in the financial services sector and we believe that JOHIM is proof of the type of investment opportunities currently available. We are delighted that the management and staff of JOHIM are investing alongside BNL and we look forward to working with them to seek to grow JOHIM.”
Phil Cutts, CEO of Credit Suisse (UK) Ltd, says: “As an independent subsidiary, JOHIM has delivered real value to our clients through the duration of our 12 year partnership and we look forward to collaborating with them in the future. The UK continues to remain a key market for Credit Suisse.”
