Hypo Foreign & Colonial Management Holdings today completed its acquisition of ESN Pension Management Group, in a move that will more than double Foreign & Colonial's assets under management. Both firms are based in London.
The acquisition of ESN, which manages £15.1 billion ($22.7 billion) for U.K. electricity industry pension funds, will bolster F&C's investment management of British stocks, bonds and property. F&C's strengths are in global asset allocation and overseas equity and bond markets, including emerging markets. F&C has 12.8 billion ($19.2 billion) in assets under management.F&C will make initial payments of 53 million, payable in cash over two years. The manager may pay out up to 30 million more over a subsequent three-year period, depending on whether ESN meets specified revenue targets.