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J O Hambro Investment Management acquired by Bermuda National Limited


J O Hambro Investment Management (JOHIM) has completed its acquisition by Bermuda National Limited (BNL) and management, following approval from the Financial Conduct Authority.

JOHIM was previously owned by the Credit Suisse Group.
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 specialist managed investment funds. As at 30 June 2013 JOHIM had assets under management of approximately GBP3.9bn.
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 allows JOHIM’s existing management continued autonomy in running the business and the opportunity for the management and staff of JOHIM to become shareholders alongside BNL. In addition, the existing independent directors are to remain on the executive board for the foreseeable future.
Hugh Grootenhuis, chief executive of JOHIM, says: “We are pleased to have now completed this important transaction and would like to thank our clients for their patience during this period.  We believe that it is to the credit of both Credit Suisse and BNL that the transition has been handled with as little disruption to the business as possible.  We look forward to working with our new partners in what we believe will be an exciting new phase in our development.
“To reflect the change in ownership, we are currently in the process of developing new branding, details of which we will announce shortly.  There are no plans to change our people, business model or investment process.”
Warren McLeland, chairman of BNL, says: “The acquisition of JOHIM is a significant one for BNL and will provide a number of opportunities for the group going forward. BNL continues to look at opportunities in the financial services sector and the acquisition of JOHIM is indicative of the type of quality company that BNL is seeking to identify to grow the group further. We are looking forward to working with JOHIM’s management to continue to build the company based on the excellent track record that they have achieved to date.”

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