Goshawk was founded last year after Illingworth left Artemis, where he co-managed the Mid Wynd International Investment Trust and the Artemis Global Select Fund.

Vermeer Investment Management Limited was set up in 2014, with the Vermeer Global Fund launched in December 2016 and domiciled in Dublin. The fund is top-quartile since launch, having delivered 136.9 per cent against the IA Global Sector average of 103.6 per cent.

The GBP60.8 million fund is managed by Vermeer founders Tim Gregory and James Rowsell as well as Charlie Fricker. All three have now joined Goshawk. The fund is expected to be renamed the “Goshawk Global Fund”.

The private client investment management business of Vermeer Investment Management Limited, trading as Vermeer Partners, is not part of the acquisition. It will continue to operate independently.

Illingworth, who will join the management team on the fund, says: “The Vermeer performance has been outstanding since inception, and Tim, James and Charlie are an ideal fit for us, since we share very similar investment mindsets.

“We’re all focused on buying great companies yet being diligent about valuation. The team benefits from an average of 30 years’ investment experience.

“We’re creating the capability and the relationships to manage a number of global equity mandates, and the Vermeer Global Fund benefits from already being available on many of the major retail platforms.”

Gregory said: “Alex has a strong track record in building assets under management and delivering strong investment performance. We see this move as an opportunity to build on eight years of success, to bring depth to the team and to reach a bigger audience.”

The firm writes that as part of the Harwood Capital Management group, Goshawk has access to an established business and infrastructure to support its further growth.

Drawing on this backing, it has also partnered with HANetf to build an active ETF strategy, led by Illingworth.

Its Global Balanced Fund UCITS ETF (ROE LN) – available on exchanges now – uses a similar methodology to the Goshawk Global Fund but aims to offer lower volatility and increased downside protection.

Illingworth says: “It’s exciting to be entering the growing active ETF market, combining active management with the convenience and cost-effectiveness of ETFs to deliver Goshawk strategies to fund and ETF investors alike.” 

The firm writes that bringing together Preqin’s data and research tools with Aladdin’s complementary workflow capabilities in a unified platform will create a preeminent private markets technology and data provider. The firm says that the acquisition adds a highly complementary data business to BlackRock’s investment technology, marking a strategic expansion into the fast-growing private markets data segment.

Private markets are the fastest growing segment of asset management, with alternative assets expected to reach nearly USD40 trillion by the end of the decade. As institutional and wealth investors increase allocations to alternatives, BlackRock writes that it has built a leading private markets franchise to meet this client demand. “There is an even greater need for standardised data, benchmarks, and analytics that enable investors to better incorporate private asset classes into portfolios and provide fund managers with better data and tools to deliver outcomes for clients. Private markets data is estimated to be an USD8 billion total addressable market and growing 12 per cent per year, reaching USD18 billion by 2030.

Preqin writes that it empowers investors to make better decisions by providing data and insights that increase transparency and access across the global alternatives market. “With a 20-year history, Preqin is a leading independent data solutions provider in private markets with global coverage of 190,000 funds, 60,000 fund managers and 30,000 private markets investors, reaching more than 200,000 users, including asset managers, insurers, pensions, wealth managers, banks, and other service providers. In 2024, Preqin is expected to generate ~USD240 million of highly recurring revenue and has grown approximately 20 per cent per year in the last three years.”

Through the Aladdin platform, BlackRock provides technology solutions to over 1,000 clients. The combination of Preqin with eFront, Aladdin’s private markets solution, brings together the data, research, and investment process for fund managers and investors across fundraising, deal sourcing, portfolio management, accounting, and performance. Preqin will also continue to be offered as a standalone solution.

“BlackRock’s vision has always been to bring together investments, technology, and data to offer solutions that meet our clients’ needs across their whole portfolio. As clients increasingly evolve their focus from choosing products to constructing portfolios, this shift requires technology, data, and analytics that create a ‘common language’ for investing across both public and private markets. We see data powering the industry across technology, capital formation, investing, and risk management,” says Rob Goldstein, BlackRock Chief Operating Officer. “Every acquisition has been an opportunity to strengthen our capabilities for clients—and in fact, we have been a client of Preqin for many years, and we look forward to welcoming the talented Preqin team to BlackRock.”

“Together with Preqin, we can make private markets investing easier and more accessible while building a better-connected platform for investors and fund managers. This presents a substantial opportunity for Aladdin to bridge the transparency gap between public and private markets through data and analytics,” says Sudhir Nair, Global Head of Aladdin.

“BlackRock is known for excellence in both investment management and financial technology, and together we can accelerate our efforts to deliver better private markets data and analytics to all of our clients at scale.” says Mark O’Hare, founder of Preqin. “I look forward to joining BlackRock and continuing to play a role in the continued growth and success of Preqin and our customers.” Preqin founder Mark O’Hare will join BlackRock as a Vice Chair after the close of the transaction.

“Private markets continue to evolve and so is Preqin. I am incredibly excited about the opportunities this next phase of growth, together with BlackRock, promises our customers and our employees,” says Christoph Knaack, CEO of Preqin.

Under the terms of the transaction, BlackRock will acquire 100 per cent of the business and assets of Preqin for total consideration of GBP2.55 billion or approximately USD3.2 billion in cash.

The transaction is expected to close before year-end 2024, subject to regulatory approvals and other customary closing conditions.

Barclays served as lead financial adviser to BlackRock, with Skadden, Arps, Slate, Meagher & Flom acting as legal counsel. Goldman Sachs International served as the sole financial adviser, and Macfarlanes acted as legal counsel, to Preqin.

Preqin is owned by its management and employees together with Valhalla Ventures, founder Mark O’Hare’s family holding company.

The new combined entity will have an AUM of over GBP17 billion and bring together the two groups’ similar client-focused cultures, retaining their complementary investment styles focused on access to global markets and active and direct investment approaches. London & Capital and Waverton have both seen strong growth in recent years and this merger will expand client offerings and international footprints with enhanced investment opportunities, financial planning expertise and broader client propositions.

Lovell Minnick Partners (“LMP”), a US-based private equity firm investing in growth-oriented companies in financial services, and London & Capital’s majority shareholder, will take a majority shareholding in the combined business. LMP will provide growth capital and strategic backing to the combined company, enabling the delivery of enhanced client service, increased investment in technology, and continued product and geographic expansion.

Somers Ltd, the majority shareholder in Waverton since 2013, will continue as a significant shareholder in the new business.

Guy McGlashan, CEO of London & Capital, will be CEO of the combined business.

“We’re genuinely thrilled to announce our merger with Waverton. Our shared commitment to a client-focused approach aligns seamlessly, and we believe this combination will elevate our ability to effectively scale while delivering unparalleled client service, investment opportunities, and wealth solutions,” says McGlashan.

“Providing personalised service and retaining our entrepreneurial spirit has always been paramount, and the cultural fit with Waverton is perfect. This partnership marks a pivotal moment for all of us, promising not just growth but a continuation of the values and service excellence we’re both proud to uphold. Nick and the team have built an exceptional business and I look forward to working with them on this next phase.”

“The merger of Waverton with London & Capital is a hugely exciting stage in Waverton’s evolution for our clients, our staff, and our shareholders,” says Nick Tucker, CEO of Waverton. “Our two businesses share a similar culture of providing outstanding client service combined with a laser like focus on investment performance and we look forward to strengthening our investment capability while enhancing our offerings in the wealth management and advisory services space. This partnership coupled with the support of LMP will accelerate the growth of our combined business for the benefit of all shareholders and I am looking forward to working with Guy to achieve our vision for the merged business.”

“We have a track record of successful partnerships with growing companies run by proven, dynamic management teams,” says Spencer Hoffman, Partner at LMP. “The combined experience and skillsets of these two businesses will provide an enhanced level of service for clients, creating a firm with scale and differentiation to be rivalled in the industry. We look forward to supporting Guy and the talented management teams to expand service offerings, enhance technology capabilities, and shape a prosperous future for our clients, employees, and stakeholders.”

Rothschild & Co advised London & Capital Group, Proskauer advised LMP and Waverton Investment Management Group was advised by Spencer House Partners.

Founded in 2002, 7IM is a wealth and investment manager that manages approximately GBP23 billion of assets on behalf of more than 2,300 financial advisory firms and approximately 10,000 private wealth clients across the UK. 

The firm writes that investment from Ontario Teachers’ will allow 7IM to accelerate its strategic growth plans, which will focus on a combination of organic growth and selective M&A.

Underpinning 7IM’s growth plans is an ongoing commitment to enhance its core capabilities and services for 7IM’s customers and clients. In particular, 7IM will continue to innovate and develop its award-winning proprietary platform technology, multi-asset investment management capabilities, and advisory credentials for UK financial advisers and private wealth clients.

As part of the acquisition, the firm writes that Ontario Teachers’ will continue to back 7IM’s leadership under Chief Executive Officer Dean Proctor.

Dean Proctor, CEO at 7IM, says: “We’re incredibly excited to be starting a new chapter in 7IM’s history.  After two decades of growth, where we have grown from a challenger brand to an established name, now is the perfect time to start working with our new investment partner whose scale and capability can help support us in our ambitious next phase of growth. 

“One of the key attractions of our partnership with Ontario Teachers’ is not only its deep support of the team and our strategy, but also its culture of partnership – something which is very much at the heart of our 7IM culture.

“While we have ambitious growth plans, we remain fully committed to our ongoing investment in innovation, technology and our people, so that we can continue support our vision of delivering an unrivalled experience for both advisers and clients. 

“With the support of Ontario Teachers’, we look forward to fulfilling our strategic ambitions and further cementing our position as one of the leading vertically integrated wealth management businesses in the UK.”

The firm writes that the transaction supports Aubrey’s enduring commitment to deliver actively managed portfolios for its clients. Aubrey will remain a majority employee-owned business and its main shareholders and founders will remain in the business. The firm will retain its Edinburgh head office, with an additional office in London.

This is an important agreement for LarrainVial, as it will facilitate the business strengthening its capabilities in emerging markets, thanks to the expertise of Aubrey and its team, the announcement says. The agreement also opens opportunities for LVAM and Aubrey to expand their strategies into new markets, broadening the client base for both businesses.

Andrew Ward, Chief Executive Officer of Aubrey Capital Management, says: “This is an extremely positive step for both firms that will result in a sharing and deepening of investment expertise and better access to distribution capability in the UK, US, Latin America and Europe.”

Ladislao Larrain, Chief Executive Officer of LarrainVial Asset Management, says: “It is very important for us to participate in the ownership of Aubrey, as it allows us to approach new markets and strengthen our international presence with a leading fund manager with almost 20 years of experience and an expert team in Emerging Markets.”

Bullish plans to invest in CoinDesk’s global expansion and the growth of the media, events, and indexing businesses. CoinDesk will continue to be led by Kevin Worth and the existing management team and operate as an independent subsidiary within Bullish. Terms of the transaction were not disclosed.

“With its acclaimed editorial coverage, premier events and market-leading data and indices, CoinDesk continues to shape the global crypto and blockchain ecosystem,” says Tom Farley, CEO of Bullish. “Bullish will immediately inject capital into several of CoinDesk’s most exciting growth initiatives which will power the launch of new services, events and products. We also want to express our unwavering support for CoinDesk’s commitment to journalistic independence.”

“We are thrilled to partner with Bullish and begin the next phase of CoinDesk’s growth,” says Kevin Worth, CEO of CoinDesk. “With renewed momentum in the crypto economy as well as investment from Bullish, we look forward to capitalising on the many opportunities ahead for product development and expansion. I will always be grateful to Barry for taking a risk on CoinDesk and having the faith in me and our team to build a meaningful and everlasting business that will continue to support the future of digital assets.”

“I’m incredibly proud of CoinDesk’s growth and development over the last seven years, having transformed itself from a small blog about bitcoin into an award-winning media and events company and the most trusted information platform for digital assets,” says Barry Silbert, Founder & CEO of Digital Currency Group. “The team has built a multi-faceted global business with tremendous future potential and we look forward to watching them take CoinDesk to the next level in partnership with Bullish.”

CoinDesk Indices was a winner in this year’s ETF Express US Awards

The firm writes that the transaction will see over 600 experienced professionals join the business and significantly expand Waystone’s presence in existing and new territories, including India. The firm says that with the addition of LFS’s UK ACD, Irish ManCo, Fund Administration and TA businesses, Waystone has broadened its comprehensive and global suite of services and bolstered its ability to provide clients and investors with best-in-class governance and oversight.

All of the existing LFS UK investment managers and sponsors have transferred to the Waystone Group, demonstrating clients’ confidence in the combined business post-merger. Along with the KB Associates corporate merger which finalised in late September, Waystone is now supporting asset managers with more than USD2 trillion in AUM.

The announcement follows the news that Waystone has appointed a new Global CEO, Sanjiv Sawhney. Sanjiv will join Waystone from Citi, where he led global and regional Investor Services teams for the last 15 years.

Nancy Lewis, Interim Executive Chair, says: “After months of hard work from both teams and multiple regulatory bodies, we are delighted to welcome all LFS staff to the Waystone family. This is the start of a new chapter for both businesses, building a stronger platform – with further international expertise and capability – to service our current and future clients.”

Karl Midl, CEO of Link Fund Solutions, says: “This is an exciting moment for the team and our clients. Together, we will be able to provide current and new sponsors, clients and investment managers with a more comprehensive set of services to support their, and their investors’, needs as they continue to evolve and grow.”

In operation since 2013, GFM and the Property Investment Management team provide tailored fund solutions to Alternative Investment Funds (AIFs) and Undertakings for Collective Investment in Transferable Securities (UCITS), as well as property investment management services.  GFM is a regulated AIFM and UCITS management company (“ManCo”) with extensive experience in managing funds for institutional clients. 

The firm writes that the acquisition represents a strategic step in its expansion in the Irish market, allowing TMF Group to continue to build a high quality, fast-growing funds business.  As a result, TMF Group will now administer more than USD225 billion worth of assets on behalf of its global fund manager client base.

On announcing this acquisition, TMF Group Head of EMEA Frank Welman says: “We’re delighted to welcome GFM, its employees and clients to TMF Group. GFM is a well-established Super ManCo, regulated in Ireland and licensed to operate various alternative asset classes as well as liquid funds which will enable TMF Group to become a one-stop shop for our fund clients. GFM’s experience in offering top level alternative investment services, spanning from real estate to retail funds, represents a huge step forward for our fast-growing global fund services operation.”

Daniel Max, Head of Global Solutions at TMF Group, says: “The acquisition is a fundamental part of a continuing growth story for TMF Group and a strategic intent to develop and grow its global fund services business. GFM adds high quality funds capability to TMF Group’s portfolio of services in Ireland, helping it to increase its share of this growing market. This deal is part of TMF Group’s drive to further grow its fund services business and the deal follows a successful series of acquisitions by TMF Group in Luxembourg (Selectra), in Brazil in 2022 (Paraty Capital) and in the United States (VBO in 2021 and PartnersAdmin in 2023).

GFM Chief Executive, Phelim Keogan, says: “GFM is extremely proud of the company we’ve built over the past 10 years and the strong customer franchise we have established. Our highly experienced fund management team is excited to join such a global, trusted leader in the professional services industry, affording us the opportunity to rapidly grow our market profile and enhance our customer offering.”

For this transaction, the sellers were advised by Goodbody Corporate Finance (M&A) and Arthur Cox (legal). TMF Group was advised by Simmons & Simmons (legal) and EY (Finance & Tax)

The acquisition adds GBP97 billion (USD131 billion) assets under management to Columbia Threadneedle to bring total AUM to GBP530 billion (USD714 billion).
 
The acquisition enables Columbia Threadneedle to build further strength and capability in areas of increasing prominence in the European and global asset management landscape, such as:

• Responsible Investment (RI): Columbia Threadneedle and BMO GAM (EMEA) combine complementary strengths to create a world class RI capability based on creating value through research intensity, driving real-world change through active ownership, and partnering with clients to deliver innovative RI solutions. Together, we manage total assets of GBP36 billion (USD49 billion) in RI funds and strategies across asset classes.

• Alternatives: Together we establish a global alternatives business of more than GBP34 billion (USD47 billion), including real estate in the UK, Europe and the US, infrastructure, private equity and hedge fund offerings, and are well set to respond to increasing demand from clients for less liquid, diversifying assets both as standalone strategies and within bespoke solutions.

• Solutions: Columbia Threadneedle has longstanding relationships with large and complex clients delivering regulatory sensitive portfolios (such as Solvency II and Basel III) for insurance companies and banks as well as customised solutions for sub-advisory partners, while BMO GAM (EMEA) has a top four LDI business in Europe as well as an established fiduciary management business. Together our Solutions business represents the point of entry of more than GBP145 billion (USD200 billion) of client assets, or almost 30 per cent of our expanded AUM.
 
The acquisition also adds the BMO GAM (EMEA) managed investment trusts and its established multi-manager range to Columbia Threadneedle’s offering. Separately, the transaction will result in certain BMO US asset management clients moving to Columbia Threadneedle, at a later date subject to client consent.
 
Nick Ring, CEO, EMEA, at Columbia Threadneedle, says: “This strategically important acquisition accelerates our growth in the EMEA region and secures our position as a significant global asset manager. Our established strengths in core asset classes and our strong, long-term performance track record are complemented by key strategic capabilities that improve our ability to meet the evolving needs of our clients.
 
“Our combined team of more than 2,500 people share a client-centric culture, a collaborative and research-based investment approach, and a long-held commitment to responsible investment principles. Together, we look forward to embracing our role as active investors to drive change, deliver client outcomes and continue to make our own contribution to a sustainable future.
 
“As we’ve begun to work together, we’re excited by the opportunity to combine our considerable resources and bring greater depth and breadth to our client offering.”