Momentum Global Investment Management (MGIM) is to buy Seneca Investment Managers, creating a fund house with nearly £5 billion assets under management, reported FT Adviser.
MGIM announced Tuesday, October 13, it had agreed to acquire Seneca, subject to regulatory approval, as it looked to enhance its growth potential.
The transaction will see the new £4.7 billion (US$6.08 billion) asset manager maintain its presence in London and Liverpool and bring together Seneca’s UK presence with MGIM’s global client base. No redundancies are foreseen as a result of the transaction.
Both multi-asset management businesses, the new asset manager will boast a fund range which includes the VT Seneca funds and the Seneca Global Income and Growth trust alongside MGIM’s focus funds and managed portfolio offering. The Seneca funds will assume the MGIM brand.
Ferdi van Heerden, chief executive of MGIM, said, “This is a very exciting acquisition. The two teams complement each other well and have a strong cultural fit.
“The acquisition will enable MGIM to meet the growing demand for multi-asset investment solutions from advisers, discretionary fund managers and their clients.”
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
EU Extends Support for Farms and Fisheries Amid Market Disruptions
May 5, 2024 by
CPI
Sony and Apollo Bid $26 Billion for Paramount Acquisition
May 5, 2024 by
CPI
Goldman Sachs Resolves Decade-Old Metal-Rigging Class Action Lawsuit
May 5, 2024 by
CPI
Italian Antitrust Ruling Puts Halt on Intesa Sanpaolo’s Fintech Ambitions
May 5, 2024 by
CPI
Google Antitrust Case: Closing Arguments Conclude
May 5, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI