|May 2017||£12 billion||Advising Standard Life plc on its recommended all-share merger with Aberdeen Asset Management plc|
|Feb 2017||Undisclosed||Advised Unigestion on its acquisition of Zurich-based private equity specialist, Akina Partners|
|Feb 2017||Undisclosed||Advising Tesco Pension Investments on the sale of its 35% stake in Greenergy Fuels to Brookfield|
|Jan 2017||Undisclosed||Advising EFG Private Bank on the sale of its UK IFA business, EFG Independent Financial Advisers, to Bellpenny|
|Dec 2016||£28 million||Advised Camellia on the sale of its wealth management business, Duncan Lawrie Asset Management, to Brewin Dolphin|
|Nov 2016||Undisclosed||Advised Henderson on the sale of Volantis Capital to Lombard Odier Investment Management.|
|Aug 2016||£140 million||Advised L&G on the sale of Cofunds to Aegon.|
|May 2016||Undisclosed||Advised Taube Hodson Stonex Partners on the sale of the business to GAM.|
|May 2016||Undisclosed||Advised AXA on the sale of Elevate to Standard Life.|
|Jan 2016||£45 million||Advised Legal & General on the sale of Suffolk Life to Curtis Banks.|
|Oct 2015||Undisclosed||Advised Chenavari on the sale of a minority stake to Dyal Capital Partners.|
|Sep 2015||Undisclosed||Advised National Grid UK Pension Scheme on the sale of Aerion Fund Management and entering into a long-term contract with LGIM.|
|Jul 2015||£34 million||Advised St. James's Place on its acquisition of Rowan Dartington Holdings.|
|Mar 2015||Undisclosed||Advised TwentyFour Asset Management on the sale of a 60% stake to Vontobel.|
|Feb 2015||€771 million||Advised TA Associates and management on the sale of DNCA to Natixis.|
|Jun 2014||Up to $200 million||Advised Henderson Global Investors on the acquisition of Geneva Capital Management.|
|Jun 2014||Undisclosed||Advised St. James’s Place on the acquisition of the Henley Group, a Hong Kong-based wealth manager.|
|May 2014||Undisclosed||Advised Northill Capital on the acquisition of a majority interest in Longview Partners.|
|Mar 2014||£390 million||Advised Standard Life on the acquisition of Ignis Asset Management from Phoenix Group.|
|Feb 2014||Undisclosed||Advised Permira and Bestinvest on the acquisition of Tilney from Deutsche Bank.|
|Nov 2013||Undisclosed||Advised Permira on its acquisition of Bestinvest from 3i.|
|Mar 2013||£180 million||Advised Investec Asset Management on the acquisition by senior management of a 15% shareholding, based on a company valuation of £1.2bn.|
|Feb 2013||£84 million||Advised Standard Life on the acquisition of Newton’s Private Client business.|
|Aug 2012||£40 million||Advised Palmer Capital Partners on the recommended public offer for Invista Real Estate Investment Management.|
|Mar 2012||Undisclosed||Advised Dalton Strategic Partnership on the acquisition by partners of equity from the Dalton family.|
|Oct 2011||Undisclosed||Advised LV= on the outsourcing of asset management to Threadneedle Investments.|
|Oct 2011||£55 million||Advised Principal Global Investors on the acquisition of a majority stake in Origin Asset Management.|
|Jun 2011||$166 million||Advised Finisterre Capital on the sale of a majority stake to Principal Global Investors.|
|May 2011||Undisclosed||Advised BMO Financial Group on its acquisition of Lloyd George Management.|
|Jan 2011||£45 million||Advised Investec on the sale of Rensburg Fund Management to Franklin Templeton.|
|Sep 2010||Undisclosed||Advised Sun Life Financial on the sale of SLFC Unit Managers (UK) Limited.|
|Mar 2010||£412 million||Advised Rensburg Sheppards plc on the recommended offer from Investec plc.|
|Jun 2009||£235 million||Advised Insight’s senior management on BNY Mellon’s acquisition of the business from Lloyds Banking Group.|
|Nov 2008||Undisclosed||Advised Bank of China on its strategic partnership with LCF Rothschild.|
|Jul 2008||Undisclosed||Advised F&C on the combination of its property business with REIT to form F&C REIT.|
|Nov 2007||Undisclosed||Advised Bank of Montreal on its acquisition of Pyrford International.|
|Sep 2007||Undisclosed||Advised Legal & General on its partnership arrangement with Hermes in relation to £22 billion of indexed assets.|
|May 2007||Undisclosed||Advised Insight on the sale of its Channel Islands business to Syndicate Asset Management.|
|May 2007||£520 million||Advised Hellman & Friedman on the recapitalisation of Gartmore.|
|May 2007||£80 million||Advised Eureko on its asset management strategy and sell-down of its stake in F&C.|
|May 2006||$140 million||Advised Schroders on its acquisition of NewFinance Capital.|
|Dec 2005||£77 million||Advised Cazenove Group on its demerger of Cazenove Capital Management.|
|Aug 2005||Undisclosed||Advised CI Funds on its pre-conditional offer for AMVESCAP PLC.|
|Jul 2005||£260 million||Advised Aberdeen Asset Management on its acquisition of certain fund management businesses of Deutsche Asset Management.|
|Apr 2005||£188 million||Advised Rensburg on its acquisition of Carr Sheppards Crosthwaite from Investec.|
|Jul 2004||£1.1 billion||Advised ISIS Asset Management Plc on its merger with F&C Group.|
|Jan 2004||Undisclosed||Advised Gartmore on the sale of its back and middle office operations to HSBC.|
|Sep 2003||Undisclosed||Advised Hermes in relation to Edinburgh Fund Managers.|
|Sep 2003||Undisclosed||Advised Gartmore on its acquisition of Govett Investments.|
|Nov 2002||Undisclosed||Advised Martin Currie on the merger of its Private Client business with Thornhill.|
|Sep 2002||Undisclosed||Advised GE Capital on the outsourcing of its UK fund management portfolio to State Street.|
|Mar 2002||Undisclosed||Advised Old Mutual on the restructuring of Pilgrim Baxter’s revenue share interests.|
|Apr 2001||£86 million||Advised Aberdeen Asset Management on its acquisition of £5.5 billion of fund management contracts from LAHC.|
|Mar 2001||€670 million||Advised HVB on the sale of F&C to Eureka.|
|Feb 2001||£140 million||Advised Friends Ivory & Sime on its acquisition of the Unit Trust and Managed Pension Fund businesses of Friends Provident.|
|Dec 2000||£150 million||Advised Old Mutual on its sale of Murray Johnstone to Aberdeen Asset Management.|
|Oct 2000||£1.1 billion||Advised Perpetual plc on its sale to AMVESCAP.|
|Jun 2000||$50 million||Advised Lexington Global Asset Managers on its sale to Reliastar Financial Corp.|
|Feb 2000||$120 million||Advised Stewart Ivory on its sale to Colonial.|
|Nov 1999||Undisclosed||Advised Intersec Inc on its sale to Deutsche Bank.|
|Oct 1999||Undisclosed||Advised Carlson Investment Management on its sale to Skandia.|
|Jun 1999||$700 million||Advised Global Asset Management (GAM) on its sale to UBS.|
|Apr 1999||£1.9 billion||Advised Prudential on its acquisition of M&G Group plc.|
|Feb 1999||£55 million||Advised Investec on its acquisition of Guinness Mahon Holdings.|
|Feb 1999||Undisclosed||Advised Nicholas Applegate on the sale of its non-US business to Colonial First State.|
|Oct 1998||$225 million||Advised AXA Investment Managers on its acquisition of The Barr Rosenberg Group.|
|Oct 1998||£40 million||Advised Friends Ivory & Sime on its acquisition of London & Manchester Asset Management.|
|Apr 1998||£369 million||Advised AMP on its acquisition of Henderson plc.|
|Feb 1998||Undisclosed||Advised Guiness Flight Hambro on the sale of its management stake to Investec.|
|Feb 1998||£132 million||Advised Ivory & Sime on its acquisition of Friends Provident Asset Management.|
|Feb 1997||£1.6 billion||Advised Invesco on its acquisition of AIM Corporation.|
|Feb 1996||£91 million||Advised Dunedin Fund Managers on its sale to Edinburgh Fund Managers.|
|May 1995||£1.25 billion||Advised Mercury Asset Management on its demerger of 75% from SG Warburg.|
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.”
View / Download PDF >
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.”
Fenchurch is pleased to have advised AXA on three separate disposals of its UK Life & Savings businesses, comprising:
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.”View / Download PDF >
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.”View / Download PDF >
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.”View / Download PDF >
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.”
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.”
View / Download PDF >
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."
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."View / Download PDF >
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.”View / Download PDF >
Note – includes transactions advised on by Fenchurch team members at predecessor firms