The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Federated Hermes
Federated Hermes, the global asset manager that is headquartered in Pittsburgh, has become an investor in the flagship real estate debt fund of Europe’s Penny Blue Capital. The US firm has acquired ESR’s interest in the vehicle as part of Penny Blue's recent separation from ESR Europe.

Founded by Beatrice Dupont and Paul House in 2013, Penny Blue has originated more than €5 billion ($5.77 billion) of loans across Europe. The firm specialises in loans secured against real assets. Founded within Venn Partners in 2013, the business became part of ESR Group in 2020; however, it recently separated from ESR Europe and returned to management ownership.

Federated Hermes’ Private Credit business manages more than $2 billion of assets, The Real Estate Debt business of Federated Hermes was launched in 2015. Federated Hermes oversaw more than $911 billion in assets as at the end of June.