Vontobel Asset Management has agreed to acquire a 60% stake in TwentyFour Asset Management LLP, an independent fixed income specialist based in London, for an undisclosed amount.
“The acquisition will set a strong foundation for Vontobel Asset Management’s further growth in the U.K., which is one of the most important asset management markets in the world and accelerates the international growth of our business,” says Axel Schwarzer, head of Vontobel Asset Management.
TwentyFour’s partners will continue to manage the company’s day-to-day operations, retaining full authority over fund investment decisions. The 40% stake held by the partners will be acquired by Vontobel over time.
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Established in 2008, TwentyFour has approximately £4.4 billion ($8.2 billion) in assets under management, across a range of public funds and segregated accounts, managed on behalf of wholesale and institutional investors.
The transaction, which is conditional on the approval of the United Kingdom’s Financial Conduct Authority and Switzerland’s Financial Market Supervisory Authority, is expected to close in the second quarter of 2015.
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