BT Investment Management will acquire the core investment management business of London-based equity boutique J O Hambro Capital Management Group for £209 million ($336 million), the companies announced Tuesday.
J O Hambro will keep its name, Gavin Rochussen will remain CEO and there will be no investment staff changes. “It’s very much business as usual,” said Patrick Seth, head of institutional business at J O Hambro.
Included in the deal are J O Hambro’s £7.1 billion book of primarily institutional business, as well as a 9.9% share of James Hambro & Partners, the firm’s private wealth business.
James Hambro, co-founder and chairman of J O Hambro, will stay on as non-executive chairman of the boutique, and will remain chairman of the private wealth business. Co-founder and deputy chairman Nichola Pease will depart, as will co-founder Christopher Mills, who will continue to run North Atlantic Value. That firm manages the North Atlantic Smaller Companies Investment Trust, Oryx International Growth Fund and Trident Private Equity funds, and is not part of the deal with BT Investment Management.
Sydney-based BT manages A$34 billion (US$36.1 billion) for Australian institutional and retail clients. It is 60% owned by the Westpac Group.
The deal is expected to close in the fourth quarter, pending approval of the U.K. Financial Services Authority. Lexicon Partners advised.