Tue, 01/07/2014 - 11:43
Henderson Global Investors is to purchase the entire issued share capital of Geneva Capital Management, which has assets under management (AUM) of USD6.3 billion in mid- and small-cap US growth equities.
This is an important strategic milestone in the development of Henderson's North American business, adding US equity investment capabilities and extending its US institutional client base.
The transaction doubles Henderson's number of US-based investment professionals and quadruples Henderson's US institutional AUM to around USD8 billion. It also brings institutional distribution capabilities to complement Henderson's retail franchise.
Geneva will continue to employ the same investment philosophy and process that has been in place since 1987. It will continue to operate from Milwaukee, Wisconsin.
Geneva's principals have signed long-term employment contracts and agreed to reinvest a significant proportion of their net proceeds into the products of Geneva.
Andrew Formica, chief executive of Henderson, says: "Developing our presence in North America is a strategic priority for Henderson. The acquisition of Geneva is a major step towards achieving our growth ambitions as a global asset manager. It will increase our assets under management in the US by over 50 per cent, add investment management expertise in US equities and extend our US institutional client base.
"We look forward to working with the Geneva team to ensure that all of our clients benefit from our new partnership. Henderson clients will gain access to Geneva's strong track record in identifying high quality growth companies in US equities, while Geneva clients will continue to benefit from a stable team and an unchanged investment process, backed by a global pure play asset manager."
Amy Croen, co-founder and managing principal of Geneva, says: "The team at Geneva is excited to join Henderson. With the backing of a strong international partner who is very supportive of our existing investment strategy and platform, we look forward to taking our business to the next stage of its development.”
The transaction is expected to close on 1 October 2014, subject to customary consents.
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