Proposed Acquisition of J O Hambro Investment Management Limited
J O Hambro Investment Management Limited ("JOHIM") today announces that its parent, Credit Suisse AG ("CS") has entered into a sale and purchase agreement to sell JOHIM CS Limited, the holding company of JOHIM and its affiliates, to Bermuda National Limited (BNL) and JOHIM's management, subject to regulatory approval from the UK's Financial Services Authority ("FSA") and its successors.
JOHIM is a London-based specialist investment manager which focuses on discretionary portfolio management for private clients, charities and institutions as well as offering a suite of in-house managed investment funds. Its Head Office is in St James’s in London and it has over 100 employees including 25 experienced portfolio managers who have been with the business for a number of years. As at December 31, 2012 JOHIM had Assets under Management of approximately GBP3.6 billion and Assets under Control of approximately GBP4.8 billion.
BNL is a Bermuda listed financial services holding company created to own financial institutions, including banks and investment advisory businesses. Its major investor is Utilico which is a UK listed international investment group with a diversified portfolio of
businesses. BNL intends to retain JOHIM’s management team, the client relationship focus and its investment process. The acquisition also allows JOHIM’s existing management continued autonomy in managing its business and the opportunity for the management and staff of JOHIM to become shareholders alongside BNL.
Hugh Grootenhuis, CEO of JOHIM, said: "We are very excited about the future and welcome BNL as our new majority shareholder who offers opportunities for us to continue to grow the business, including in areas where we would otherwise not have direct access, such as in emerging markets, where for example Utilico has significant investments. The change of ownership has been made with our clients’ interests uppermost in our minds to ensure the right deal both for our clients and for all the staff at JOHIM. There are no plans to change our people, business model or investment process."
"We have enjoyed a successful relationship with Credit Suisse over the last twelve years, and will continue to work with Credit Suisse and to manage portfolios for their clients in the future."
Warren McLeland, Chairman of BNL, said: "The proposed acquisition of JOHIM is a significant step for BNL. Not only being its first major acquisition since the restructuring in October 2012, but also because BNL is acquiring a well-known UK private wealth asset manager with a strong track record. It is expected that the acquisition will provide a number of synergies across the group. BNL continues to be offered opportunities in the financial services sector and we believe that JOHIM is proof of the type of investment opportunities currently available. We are delighted that the management and staff of JOHIM are investing alongside BNL and we look forward to working with them to seek to grow JOHIM."
Phil Cutts, CEO of Credit Suisse (UK) Ltd, said: "As an independent subsidiary, JOHIM has delivered real value to our clients through the duration of our 12 year partnership and we look forward to collaborating with them in the future. The UK continues to remain a key market for Credit Suisse."
For further information please contact:
Mark Knight / Lianne Robinson
T: +44 (0) 20 7726 6111
T: +44 (0) 7883 7373
Bermuda National Limited
T: +1 441 299 2897
J O Hambro Investment Management
JOHIM was founded in 1986 and has grown organically, attracting some of the most experienced investment managers to join its team. Today it has a world class investment team covering all aspects of discretionary portfolio management.
For the first fourteen years, the share capital of the firm was owned by the Hambro Family and the management of JOHIM. In 2000 the company was acquired by the Credit Suisse Group, although it remained a separately managed entity within Credit Suisse Private Banking.
The total headcount of the firm today numbers around 100 members of staff, including 25 portfolio managers with direct client relationship responsibilities. The firm is located in one office in St James’s Square, in the West End of London, in the belief that it is only able to provide a superior and seamless service to clients from a single location.
In addition, JOHIM is the investment manager to a range of regulated onshore and offshore equity funds available under the Waverton banner.
Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse is able to offer clients its expertise in the areas of private banking, investment banking and asset management from a single source. Credit Suisse provides specialist advisory services, comprehensive solutions and innovative products to companies, institutional clients and high net worth private clients worldwide, and also to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 47,400 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
Bermuda National Limited
Bermuda National Limited is a listed exempt financial services investment holding company with shareholder funds of $138 million. The Group’s major asset is its 100% owned subsidiary, Bermuda Commercial Bank Limited, one of Bermuda’s four licensed banks, which is focused on corporate and private wealth. The Group’s other main investments include a 19.9% equity stake and a convertible loan note in the London Stock Exchange listed Private & Commercial Finance Group PLC, a UK asset financing company (economic exposure of up to 65%) and a 46% stake in Westhouse Holdings PLC, a corporate and institutional stockbroking group. In addition, BNL has a £1.75 million convertible loan note facility with Ascot Lloyd Holdings Limited, a UK independent financial adviser.
BNL’s shares are publicly traded and listed on the Bermuda Stock Exchange (Website: www.bsx.com Ticker: BNL.BH) and more details on the Company can be found at www.bermudanational.bm.