M and A
Deals Of The Day: The Latest In Wealth Management M&A - Gresham House

The latest M&A deals in wealth management across Europe, Middle East and Africa.
Gresham House,
a UK-listed alternative investment house, has bought the fund and
investment management operations of Livingbridge VC LLP, for an
initial consideration of £30.0 million ($38.6 million), rising to
£40.0 million if the acquired business hits certain performance
targets.
The acquisition takes total group assets under management to more
than £2.0 billion, enhances earnings in a material way and helps
with cost controls and speeds up hitting its 40 per cent margin
targets, Gresham has said.
All 16 staff at Livingbridge VC’s fund management arm, comprising
eight specialist investment and research professionals alongside
eight distribution, finance and operational staff, will join
Gresham’s strategic equity operations. The statement mentioned no
redundancies.
The acquisition will include the Baronsmead VCT (Venture Capital
Trusts) products alongside two open-ended vehicles, LF
Livingbridge UK Micro Cap Fund and LF Livingbridge UK Multi Cap
Income Fund.
Gresham House said it expects the acquisition to beat its
medium-term return on investment capital of 15 per cent.
The fund and investment management business of Livingbridge VC
serves private individuals, wealth managers, IFAs and
institutions. It manages approximately £500 million of quoted and
unquoted equities via the Baronsmead venture capital trusts, and
two open-ended investment companies, LF Livingbridge UK Micro Cap
Fund and LF Livingbridge UK Multi Cap Income Fund.
The acquisition is expected to be completed around 31 November.