GLOBAL - Australian asset manager BT Investment Management (BTIM) has acquired London-based J O Hambro Capital Management (JOHCM) for more than £200m (€227m).
The deal means BTIM will take ownership of £7.1bn in assets under management from J O Hambro Group's core investment management business and claim a 9.9% stake in JOHCM's private client business.
Patrick Seth, head of institutional sales at JOHCM stressed to IPE that the firm's investment autonomy would be maintained, while a statement added that no fund manager changes would occur as a result of the deal.
Asked if the deal would mean a more aggressive expansion into the Asia-Pacific region, Seth added: "We have a distribution team here that does cover those parts of the world. I have a colleague who helps me distribute into the Australian institutional market already and has been in place with us for a year plus."
He further referenced the recently opened Singapore office, saying that three further members would be joining the office shortly. "That area of the world is becoming increasingly important to us and perhaps, in time, will continue to do so."
Seth said that as the region would likely become a more important part for the business as instititional players there become larger.
Gavin Rochussen, chief executive at JOHCM, said the agreement represented a significant step for the company.
"We also see significant growth potential for JOHCM, with a robust framework in place to attract, incentivise and retain the best fund management talent while continuing to offer our fund managers full autonomy in their investment decision-making," he added.
Emilio Gonzalez, Rochussen's counterpart at BTIM, cited the opportunity the deal offered to diversify the business.
"It is consistent with our strategic objective to diversify and grow our group, while the strong cultural fit, aligned business models and investment philosophies make for a powerful long-term partnership," he said.
Once the deal is complete, JOHCM will continue to operate as a separate investment boutique, with Rochussen retaining his position as chief executive.
Jamie Hambro will stay on as non-executive chairman.
The deal, which requires sign-off from the UK's Financial Services Authority, is likely to conclude in the fourth quarter.