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Money Management

Gresham House acquiring FIM services

Gresham House is to acquire sustainable real asset manager FIM Services in a 25 million ($34.4 million) deal.

The specialist alternative money manager said in a news release it had agreed to acquire the entire issued share capital of FIM, which specializes in sustainable forestry and renewable energy investments in the U.K. All of FIM's management will stay on after the deal closes, said a spokesman for Gresham House. FIM has about 915 million in assets under management.

The deal brings Gresham House AUM to more than 1.5 billion across forestry, new energy, U.K. housing and infrastructure, private assets and strategic public equity.

"The acquisition of FIM will allow Gresham House to achieve scale and establish a market-leading position as an investor in U.K. commercial forestry whilst also enhancing the Gresham House new energy division," said Anthony Dalwood, CEO at Gresham House, in the news release. "The strategic rationale, alongside the potential financial returns, are clear and exciting for Gresham House shareholders."

The spokesman said the deal is expected to be completed with a vote at Gresham House's general meeting on May 21.