Swiss Life Asset Managers acquired U.K. real estate investment manager Mayfair Capital Investment Management, the companies announced Monday.
Swiss Life Asset Managers is part of Swiss Life Group. It manages a 202.2 billion Swiss francs ($208.1 billion) of assets, of which 44.4 billion Swiss francs is for third-party clients. Mayfair Capital has £1 billion ($1.3 billion) of real estate assets under management, focused on U.K.-based institutional investors.
A spokesman for Mayfair said 100% of the business was acquired from the shareholders of the business, who are all Mayfair Capital senior management and staff. He added in an e-mail that there are service contracts for key members of management and staff “with a long-term view to keeping the team together.”
Terms of the deal are not being disclosed. The deal is subject to regulatory approval by the U.K.'s Financial Conduct Authority and the Jersey Financial Services Commission, said a spokeswoman for Swiss Life. It is expected to complete in the fourth quarter.
Under the terms of the deal, Mayfair Capital's branding will not change. “Mayfair Capital will be managed as a separate business area of Swiss Life Asset Managers and will retain its independent brand,” said the Swiss Life spokeswoman in a separate e-mail. “Swiss Life will build on Mayfair Capital's staff through their expertise and experience.”
“The acquisition is an important step in our growth strategy involving one of our core strategic areas,” said Stefan Machler, chief investment officer of the Swiss Life Group, in a news release. “The transaction will also enable us to extend our existing client relationships and gain access to new clients.”
About 20% of Swiss Life Asset Managers' AUM is in real estate.
James Thornton, CEO of Mayfair Capital, added in the same release that the deal fits with the firm's growth strategy, and that under its new owner, it “will be able to develop its business by entering new markets and launching new products.”
