Polar Capital will acquire U.K. boutique money manager Dalton Strategic Partnership in a £15.6 million ($20 million) deal.
Polar Capital, a London-based specialist active money management group with £16.4 billion in assets under management, will acquire Dalton parent company Dalton Capital from the firm's partners, a spokeswoman said.
Dalton, a London-based European equity manager, has £1.2 billion in assets under management. It also runs European long/short strategies, and three global and Asian strategies.
The deal adds to Polar Capital's European investment capabilities, which include a European income team, and also broadens the firm's institutional and wholesale distribution into Europe. The firm will benefit in particular from distribution into Germany, a news release said.
The deal is subject to approval by the Financial Conduct Authority and is set to complete in the first quarter.
"The acquisition of Dalton Strategic Partnership is further delivery of our growth and diversification strategy and is an excellent strategic, geographic and cultural fit with our existing business," Gavin Rochussen, CEO at Polar Capital, said in the release. "It delivers greater scale, new capabilities and an expanded distribution reach in Europe, as well as highly experienced investment teams with a good track record. This acquisition will also provide Polar Capital with its first Luxembourg SICAV."
No changes are anticipated to the Dalton team. Investment strategies will remain the same, the spokeswoman added.
