M and A

Management Buy Majority Stake In London Wealth Manager

Nick Parmee, 19 July 2011

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Partners at private client wealth manager James Hambro & Partners are to acquire a majority stake in the business.  Australian fund management business BT Investment Management has simultaneously agreed to buy 100 per cent of J O Hambro Capital Management Group’s core investment management business, J O Hambro Capital Management, of which Jamie Hambro himself is chairman.

According to a statement JHP will "strengthen its close links with the investment professionals at JOHCM," who will now hold a direct stake in the private client investment partnership.  In turn, JOHCM itself will retain a minority stake of 9.9 per cent in JHP. The terms of the deal were not disclosed.

The JHP management team remains unchanged with Jamie Hambro continuing as chairman and Andy Steel as chief executive officer.

Since launch in January 2010, JHP had grown private client assets under management and administration to around £400 million ($643 million) in total at 30 June 2011 with revenues approaching £2 million.

Primarily offering discretionary accounts, the partnership has 200 clients representing 33 families, with a client base today including family offices, high net worth individuals, charities and trusts.

The transaction is conditional on regulatory approvals including from the UK Financial Services Authority, with closing likely to occur in the fourth calendar quarter of 2011.

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