Martin Currie Investment Management will buy Sofaer Capital’s $280 million European long/short equity business for an undisclosed sum.
The deal, expected to close in early July, will bring Martin Currie’s European long/short equity assets to about $1.5 billion, according to spokeswoman Amy Fisher.
Sofaer principals Michael Browne and Steve Frost will join Martin Currie on July 1 as portfolio managers. Charlotte Dagg, investment analyst, will join later this year and retain her title.
“They (will be) permanent members of staff” and aren’t joining just for the transition, Ms. Fisher said.
Sofaer will continue to manage about $370 million in five other long/short equity strategies, all of which will be run from Hong Kong, said Sofaer CEO David Helm. He expects to hire two additional research analysts in Hong Kong and eventually add a marketing position there. Mr. Helm will split his time between London, where the firm will keep a research office, and Hong Kong.
In a news release about the moves, Mr. Helm said: “We have been giving consideration to the scaling down of our operations from the U.K. for some time and this transaction effectively delivers that.”
