Asset & Wealth Management

Asset & Wealth Management Open
Asset & Wealth Management Open
Client Description Counterparty
Advised Hargreave Hale on its sale to Canaccord Genuity Group Inc.
Advised Standard Life plc on its recommended all-share merger with Aberdeen Asset Management plc.
Advised Unigestion on its acquisition of Zurich-based private equity specialist, Akina Partners.
Advised Tesco Pension Investments on the sale of its 35% stake in Greenergy Fuels to Brookfield.
Advised EFG Private Bank on the sale of its UK IFA business, EFG Independent Financial Advisers, to Bellpenny.
Advised Camellia on the sale of its wealth management business, Duncan Lawrie Asset Management, to Brewin Dolphin.
Advised Henderson on the sale of Volantis Capital to Lombard Odier Investment Management.
Advised L&G on the sale of Cofunds to Aegon.
Advised Taube Hodson Stonex Partners on the sale of the business to GAM.
Advised AXA on the sale of Elevate to Standard Life.
Advised Legal & General on the sale of Suffolk Life to Curtis Banks.
Advised Chenavari on the sale of a minority stake to Dyal Capital Partners.
Advised National Grid UK Pension Scheme on the sale of Aerion Fund Management and entering into a long-term contract with LGIM.
Advised St. James's Place on its acquisition of Rowan Dartington Holdings.
Advised TwentyFour Asset Management on the sale of a 60% stake to Vontobel.
Advised TA Associates and management on the sale of DNCA to Natixis.
Advised Henderson Global Investors on the acquisition of Geneva Capital Management.
Advised St. James’s Place on the acquisition of the Henley Group, a Hong Kong-based wealth manager.
Advised Northill Capital on the acquisition of a majority interest in Longview Partners.
Advised Standard Life on the acquisition of Ignis Asset Management from Phoenix Group.
Advised Permira and Bestinvest on the acquisition of Tilney from Deutsche Bank.
Advised Permira on its acquisition of Bestinvest from 3i.
Advised Investec Asset Management on the acquisition by senior management of a 15% shareholding, based on a company valuation of £1.2bn.
Advised Standard Life on the acquisition of Newton’s Private Client business.
Advised Palmer Capital Partners on the recommended public offer for Invista Real Estate Investment Management.
Advised Dalton Strategic Partnership on the acquisition by partners of equity from the Dalton family.
Advised LV= on the outsourcing of asset management to Threadneedle Investments.
Advised Principal Global Investors on the acquisition of a majority stake in Origin Asset Management.
Advised Finisterre Capital on the sale of a majority stake to Principal Global Investors.
Advised BMO Financial Group on its acquisition of Lloyd George Management.
Advised Investec on the sale of Rensburg Fund Management to Franklin Templeton.
Advised Sun Life Financial on the sale of SLFC Unit Managers (UK) Limited.
Advised Rensburg Sheppards plc on the recommended offer from Investec plc.
Advised Insight’s senior management on BNY Mellon’s acquisition of the business from Lloyds Banking Group.
Advised Bank of China on its strategic partnership with LCF Rothschild.
Advised F&C on the combination of its property business with REIT to form F&C REIT.
Advised Bank of Montreal on its acquisition of Pyrford International.
Advised Legal & General on its partnership arrangement with Hermes in relation to £22 billion of indexed assets.
Advised Insight on the sale of its Channel Islands business to Syndicate Asset Management.
Advised Hellman & Friedman on the recapitalisation of Gartmore.
Advised Eureko on its asset management strategy and sell-down of its stake in F&C.
Advised Schroders on its acquisition of NewFinance Capital.
Advised Cazenove Group on its demerger of Cazenove Capital Management.
Advised CI Funds on its pre-conditional offer for AMVESCAP PLC.
Advised Aberdeen Asset Management on its acquisition of certain fund management businesses of Deutsche Asset Management.
Advised Rensburg on its acquisition of Carr Sheppards Crosthwaite from Investec.
Advised ISIS Asset Management Plc on its merger with F&C Group.
Advised Gartmore on the sale of its back and middle office operations to HSBC.
Advised Hermes in relation to Edinburgh Fund Managers.
Advised Gartmore on its acquisition of Govett Investments.
Advised Martin Currie on the merger of its Private Client business with Thornhill.
Advised GE Capital on the outsourcing of its UK fund management portfolio to State Street.
Advised Old Mutual on the restructuring of Pilgrim Baxter’s revenue share interests.
Advised Aberdeen Asset Management on its acquisition of £5.5 billion of fund management contracts from LAHC.
Advised HVB on the sale of F&C to Eureka.
Advised Friends Ivory & Sime on its acquisition of the Unit Trust and Managed Pension Fund businesses of Friends Provident.
Advised Old Mutual on its sale of Murray Johnstone to Aberdeen Asset Management.
Advised Perpetual plc on its sale to AMVESCAP.
Advised Lexington Global Asset Managers on its sale to Reliastar Financial Corp.
Advised Stewart Ivory on its sale to Colonial.
Advised Intersec Inc on its sale to Deutsche Bank.
Advised Carlson Investment Management on its sale to Skandia.
Advised Global Asset Management (GAM) on its sale to UBS.
Advised Prudential on its acquisition of M&G Group plc.
Advised Investec on its acquisition of Guinness Mahon Holdings.
Advised Nicholas Applegate on the sale of its non-US business to Colonial First State.
Advised AXA Investment Managers on its acquisition of The Barr Rosenberg Group.
Advised Friends Ivory & Sime on its acquisition of London & Manchester Asset Management.
Advised AMP on its acquisition of Henderson plc.
Advised Guiness Flight Hambro on the sale of its management stake to Investec.
Advised Ivory & Sime on its acquisition of Friends Provident Asset Management.
Advised Invesco on its acquisition of AIM Corporation.
Advised Dunedin Fund Managers on its sale to Edinburgh Fund Managers.
Advised Mercury Asset Management on its demerger of 75% from SG Warburg.
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Advised Hargreave Hale on its sale to Canaccord Genuity Group Inc.

Counterparties

Fenchurch is pleased to have advised Hargreave Hale, the UK based wealth manager and fund manager, on its sale to Canaccord Genuity Wealth Management (“CGWM”) for total consideration of £80m.

Hargreave Hale is one of the UK's leading investment management businesses, providing discretionary wealth management to more than 14,000 private clients, intermediaries and charities, as well as managing a first-class range of funds.

The transaction establishes a substantially enlarged wealth management operation in the UK and Europe for CGWM with over £18 billion in private client assets and £5 billion in fund management  assets.

Stuart Brookes, Joint Managing Director of Hargreave Hale, said: “Fenchurch’s deep wealth management sector expertise and intimate knowledge of the buyer universe were pivotal in enabling Hargreave Hale to select an attractive partner for our clients, employees and shareholders. We were impressed by the team’s dedication to this engagement.”

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Advised Unigestion on its acquisition of Zurich-based private equity specialist, Akina Partners.

Counterparties

Fenchurch is pleased to have advised Unigestion on its acquisition of Akina Partners, the Zurich-based specialist private equity investment group. Akina manages $2.6 billion in funds of funds and managed accounts invested in small and mid-sized companies in Europe.

Akina will be integrated into Unigestion’s existing private equity business to create a leading private equity investment group with $6 billion in assets under management and 54 dedicated professionals.

Following completion, Unigestion’s total assets under management increased to more than $23 billion, of which private equity represents 25%. This expansion demonstrates Unigestion’s commitment to building a world-class multi-specialist institutional boutique asset management firm.

Bernard Sabrier, Chairman of Unigestion commented, “Throughout the entire Akina transaction, the support and guidance we received from Fenchurch was highly appreciated. During the most critical times of the negotiations in particular, their transaction skills and strategic views proved to be very helpful.”

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Advised EFG Private Bank on the sale of its UK IFA business, EFG Independent Financial Advisers, to Bellpenny.

Counterparties

Fenchurch is pleased to have advised EFG, the Swiss Private Bank, on the sale of EFG Independent Financial Advisers (“EFG IFA”) to Bellpenny.

EFG IFA has offices in London, Birmingham and Wolverhampton with £650m AUM.

The acquisition has increased Bellpenny’s AUM to over £3.5bn and EFG IFA will become the new independent advice arm for the group under the BIA Financial Planning brand.

Anthony Cooke-Yarborough, EFG Private Bank CEO, said: “Fenchurch demonstrated first class M&A execution skills and a sure touch in navigating stakeholder interests. Their deep sector expertise and intimate knowledge of the buyer universe were especially valuable in delivering a successful outcome.”

 

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Advised Camellia on the sale of its wealth management business, Duncan Lawrie Asset Management, to Brewin Dolphin.

Counterparties

 

Fenchurch is pleased to have advised Camellia Plc (“Camellia”) on the sale of Duncan Lawrie Asset Management (“DLAM”) to Brewin Dolphin for £28m.

DLAM is the wealth management subsidiary of Duncan Lawrie Private Banking, the private banking arm of Camellia, managing approximately £735m of assets on behalf of some 1,000 client relationships.

Tom Franks, Chief Executive Officer of Camellia, commented:

“We were impressed by Fenchurch’s commitment to this engagement. Their deep sector relationships, intimate knowledge of the UK platform sector and first class M&A execution skills were important factors in successfully delivering this transaction.”

 

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Advised L&G on the sale of Cofunds to Aegon.

Counterparty

Fenchurch is pleased to have advised Legal & General on the sale of Cofunds to Aegon for £140m. Cofunds is the largest investment platform in the UK with £77bn AUA. The sale includes the Investor Portfolio Service which provides platform services to a number of building societies including Nationwide.
 
L&G concluded that Cofunds requires a significant upgrade in technology to exploit its leadership position in the UK platform market and this was best achieved under Aegon's ownership as a specialist wealth platform provider.
 
For Aegon UK this transaction completes its strategic transformation from traditional life insurance to platform business and follows L&G’s acquisition of a £2.9bn back book annuity portfolio from Aegon in May 2016.
 
Mark Gregory, Legal & General Group Chief Finance Officer commented: “We were impressed by Fenchurch’s commitment to this engagement. Their deep sector relationships, intimate knowledge of the UK platform sector and first class M&A execution skills were important factors in successfully delivering this transaction.”

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Advised AXA on the sale of Elevate to Standard Life.

Counterparty

Fenchurch is pleased to have advised AXA on three separate disposals of its UK Life & Savings businesses, comprising:

  • SunLife, the Over 50s direct-to-consumer protection business, and Embassy, AXA UK’s non-platform investment and pensions business, to Phoenix Group;
  • Elevate, the wrap platform business with c. £10bn of assets under administration, to Standard Life; and
  • AXA Wealth International, the Isle of Man offshore bond business, to Life Company Consolidation Group (LCCG).

The aggregate consideration for all three transactions is €832 million.

Paul Evans, CEO of AXA UK and CEO designate of AXA Global Life & Savings and AXA Global Health, commented: “Fenchurch’s advice was important in planning and preparing for the complexity of one, two or potentially three disposals and related separation issues. Their trusted senior relationships, authoritative insights into the M&A market and deep sector expertise were critical to successfully orchestrating all three transactions.”

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Advised Legal & General on the sale of Suffolk Life to Curtis Banks.

Counterparty

Fenchurch advised Legal & General on the sale of Suffolk Life to Curtis Banks for £45m.

Suffolk Life is one of the UK’s leading SIPP providers with £8.7bn AUA and 26,500 plans. Curtis Banks is funding the acquisition through a £27m underwritten placing and a new debt and revolving credit facility.

The combined business will be one of the UK’s largest SIPP providers with pro-forma £18bn AUA.

Mark Gregory, Legal & General Group Chief Finance Officer commented: “Fenchurch’s strong sector relationships helped to identify an ideal partner for Suffolk Life. Fenchurch’s first class M&A execution skills and their advice on the purchaser’s funding structure were especially valuable.”

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Advised Chenavari on the sale of a minority stake to Dyal Capital Partners.

Counterparties

Fenchurch is pleased to have advised Chenavari Investment Managers on the completed sale of a passive minority stake to Dyal Capital Partners for an undisclosed consideration.
 


Chenavari is a leading alternative asset manager focused on credit, structured finance, real estate and private debt strategies across the liquidity spectrum.  With offices in London, Luxembourg, Hong Kong and New York, Chenavari has approximately $5.4 billion of assets under management on behalf of institutional clients. 


Dyal Capital is a division of Neuberger Berman, with an extensive track record of investing in institutional alternative asset management companies globally.


Loïc Féry, Chief Executive & Co-CIO of Chenavari, commented: “Fenchurch provided valuable advice to Chenavari, enabling us to select the partner who would contribute best to our strategic plan. Fenchurch’s understanding of the alternative asset management sector, the commitment of their senior team and quality of advice were key factors in delivering the transaction.”

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Advised National Grid UK Pension Scheme on the sale of Aerion Fund Management and entering into a long-term contract with LGIM.

Counterparty

Fenchurch is pleased to have acted as financial adviser to the National Grid UK Pension Scheme on the sale of its captive fund manager, Aerion Fund Management, to Legal & General Investment Management.

The Scheme is one of the UK's largest defined benefit schemes with assets of more than £17bn, of which just over 75% was managed internally by Aerion. LGIM has entered into a long-term strategic partnership with the Scheme and taken on the management of £13bn of Scheme assets. The transaction is expected to enhance the risk-return profile of the Scheme’s assets and minimise the operational risks involved in transitioning to an outsourced model for asset management.

Nigel Stapleton, Chairman of the Scheme Trustee Board, said: ”Fenchurch was an integral part of the team advising the National Grid UK Pension Scheme on this strategically significant transaction. Fenchurch contributed valuable experience of asset management M&A and a very hard-working and well-resourced team to ensure that competitive tension was created and maintained throughout the process. This contributed much to the excellent outcome achieved for our Scheme members across a broad range of criteria.” committed and provided valuable advice over an extended period.”

 

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Advised TwentyFour Asset Management on the sale of a 60% stake to Vontobel.

Counterparty

Fenchurch is pleased to have advised TwentyFour Asset Management on the sale of a 60% equity stake to Vontobel. 
The transaction was announced in March 2015.

Established in 2008 in London, TwentyFour is a fixed income specialist investment firm with £4.4bn in assets under management as at March 2015.

Combining TwentyFour’s entrepreneurial culture with the stability, financial strength and global reach of Vontobel creates an excellent opportunity to accelerate the growth of both groups.

The transaction strengthens Vontobel’s presence in the UK and extends its fixed income capabilities. The partners of TwentyFour will retain autonomy over investment matters and day-to-day business decisions.

Mark Holman, CEO of TwentyFour, commented: “Fenchurch had become TwentyFour's trusted adviser through a long-standing relationship. Their strategic guidance, professionalism and deep understanding of our business and objectives proved invaluable in identifying the ideal partner and in negotiating the right terms and operating structure for our business.”

 

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Advised TA Associates and management on the sale of DNCA to Natixis.

Counterparty

Fenchurch Advisory is pleased to have advised TA Associates, Banca Leonardo and management on the completed sale of 71% of DNCA Finance to Natixis for a consideration of €549m, valuing the company at €771m.

DNCA is a European asset manager offering a range of value-oriented investment products. Headquartered in Paris, it had €16.5 billion of AUM on behalf of French, Italian and other European retail and institutional investors as at December 2014.

DNCA is joining Natixis Global Asset Management, which operates a multi-boutique model with €880bn of assets under management, and will form a key part of its expansion in Europe.

Eric Franc, Chief Executive of DNCA, commented: “Fenchurch played a pivotal role in this transaction, balancing the objectives of all stakeholders throughout the process. We valued their advice and were impressed by their commitment, professionalism and support throughout the process. They helped achieve a successful outcome for shareholders, as well as DNCA management, employees and clients in what was a landmark transaction in the French asset management sector."

 

 

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Advised Henderson Global Investors on the acquisition of Geneva Capital Management.

Counterparty

Fenchurch Advisory Partners is pleased to announce that it acted as financial adviser to Henderson Global Investors on the acquisition of Geneva Capital Management. Henderson will pay initial consideration of $130m plus deferred contingent consideration of up to $45m and a further growth-related earn-out of up to $25m.

Based in Milwaukee, Wisconsin, Geneva manages US$6.3bn in mid- and small-cap US equities. The acquisition enables Henderson to expand its footprint in the US, adding investment capabilities and extending its institutional client reach.

Andrew Formica, Chief Executive of Henderson, commented: “Fenchurch understood our business objectives and, leveraging their sector expertise, played an important role in supporting Henderson deliver a successful conclusion. We particularly valued their input in developing and negotiating a deal structure which aligns the interests of all stakeholders."

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Advised Northill Capital on the acquisition of a majority interest in Longview Partners.

Counterparty

Fenchurch is pleased to have advised Northill Capital on the acquisition of a 55% equity interest in Longview Partners. 
 


Longview is a specialist manager of global equities, based in London and Guernsey. It manages $19.5 billion of assets on behalf of institutional investors. Longview will retain day to day operational control and its investment philosophy and process will remain unchanged.

Northill Capital is an independent, privately held asset management business established in London in 2010 by Jon Little, with substantial financial backing from trusts associated with the Bertarelli Family.
 


Jon Little, Founding Partner of Northill Capital commented: “Fenchurch were pivotal in choreographing this transaction. They introduced us to Longview and helped position Northill Capital as the partner of choice. Their sector expertise helped negotiate a complex transaction involving various stakeholders and structure a partnership that has created an attractive outcome for all parties.”

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Note – includes transactions advised on by Fenchurch team members at predecessor firms