The news comes hot-on-the-heels of Credit Suisse’s announcement yesterday that it is to purchase Morgan Stanley’s European Middle East and African wealth management businesses – a deal which will see the Swiss bank gain more than $13bn of assets under management.
The two deals are part of an ongoing strategy by Credit Suisse to shift its focus from asset management into high net worth wealth management.
Under the terms of today’s deal, management and staff of JOHIM will have the opportunity to become shareholders alongside BNL. The JOHIM management team will have continued autonomy over the running of the business.
JOHIM is a London-based investment manager specialising in discretionary portfolio management for private clients, charities and institutions and has a range of in-house managed investment funds. JOHIM has around £3.6bn in AUM and £4.8bn in assets under control.
BNL is a Bermuda-listed financial services holding company created to own financial institutions including banks and investment advisory businesses. Utilico, a UK-listed international investment group, is its major investor.
Hugh Grootenhuis, CEO of JOHIM, said: “We are very excited about the future and welcome BNL as our new majority shareholder who offers opportunities for us to continue to grow the business, including in areas where we would otherwise not have direct access, such as in emerging markets, where for example Utilico has significant investments.
“The change of ownership has been made with our clients’ interests uppermost in our minds to ensure the right deal both for our clients and for all the staff at JOHIM. There are no plans to change our people, business model or investment process.
