Gensec International Asset Management acquired consulting actuary Punter Southall in a deal designed to give the South African-owned money manager a greater foothold in Europe. Financial terms were not disclosed. Under terms of the deal, Punter Southall parent Psigma Group will merge with Gensec International to create Gensec Financial Services, based in the Netherlands. Gensec International will be majority shareholder in the group, said Wallace Wormley, CEO of Gensec International.
Gensec Financial will offer clients asset-liability analysis and a manager-of-managers investment product range. Gensec International currently has $3.5 billion in assets under management in Europe, all of which is sourced from South African clients, said Mr. Wormley.
Punter Southall will retain its brand and will continue to build its recently opened Boston office, said Kenneth McKelvey a principal at the firm.