J O Hambro Investment Management completes deal with Bermuda National Limited
J O Hambro Investment Management (JOHIM) announces today the completion of its acquisition by Bermuda National Limited (BNL) and management, following approval from the FCA. JOHIM was previously owned by the Credit Suisse Group.
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 specialist managed investment funds. As at June 30th 2013 JOHIM had assets under management of approximately GBP 3.9 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 allows JOHIM’s existing management continued autonomy in running the business and the opportunity for the management and staff of JOHIM to become shareholders alongside BNL. In addition, the existing independent directors are to remain on the Executive Board for the foreseeable future.
Hugh Grootenhuis, CEO of JOHIM, said: "We are pleased to have now completed this important
transaction and would like to thank our clients for their patience during this period. We believe that it is to the credit of both Credit Suisse and BNL that the transition has been handled with as little disruption to the business as possible. We look forward to working with our new partners in what we believe will be an exciting new phase in our development."
"To reflect the change in ownership, we are currently in the process of developing new
branding, details of which we will announce shortly. There are no plans to change our people,
business model or investment process."
Warren McLeland, Chairman of BNL, said: "The acquisition of JOHIM is a significant one for
BNL and will provide a number of opportunities for the group going forward. BNL continues to look at opportunities in the financial services sector and the acquisition of JOHIM is indicative of the type of quality company that BNL is seeking to identify to grow the group further. We are looking forward to working with JOHIM’s management to continue to build the company based on the excellent track record that they have achieved to date."
For further information please contact:
Mark Knight / Zoe Butt / Lianne Robinson / Katie Jordan
Tel: 020 7726 6111
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.
Bermuda National Limited
Bermuda National Limited is a listed exempt financial services investment holding company whose major assets include its 100% owned subsidiary, Bermuda Commercial Bank Limited, one of Bermuda’s four licensed banks and a 62.5% holding in J O Hambro Investment Management Limited, a UK wealth manager with $6.0 billion assets under management. The Group’s other investments include an economic interest of 66% in the London Stock Exchange listed Private & Commercial Finance Group PLC, a UK asset financing company, comprising a 29.9% equity interest and interests in convertible loan notes and a 46% stake in Westhouse Holdings PLC, a corporate and institutional stockbroking group. 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.