ISIS Asset Management acquired F&C Asset Management in a reverse takeover from F&C parent Eureko. Friends Provident, which owns 67% of ISIS Asset Management, will merge the two units and own 51% of the combined entity, which has £120 billion ($220 billion) in assets under management, making it the fourth largest U.K. asset manager. The cash and stock deal values F&C at just more than 1 billion euros ($1.2 billion), said Alain Grisay, F&C deputy chief executive, who expects the deal to be closed in September.
The ISIS brand will be dropped, and F&C staff will take responsibility for the combined institutional business. Mr. Grisay will be head of institutional asset management for the combined firm. Tony Broccardo, current chief investment officer for F&C, will be CIO of the new company. Howard Carter, ISIS chief executive, will become CEO, and Robert Jenkins, F&C chief executive, will be non-executive chairman of the new group.