Jane Imrie

Independent London asset manager to be acquired in £15.6m deal

A London-based independent asset manager is set to be acquired in a multi-million pound deal.

Polar Capital has announced plans to acquire boutique asset management firm Dalton for a total consideration of £15.6m.

Dalton’s AuM (assets under management), excluding the Velox Fund, comprises £1.12bn in the Melchior European Opportunities Fund and related segregated accounts, managed by David Robinson, together with £0.12bn of European long/short funds managed by Leonard Charlton and three smaller Global and Asian funds managed by Nick Mottram.

The acquisition, which is expected to be completed in the first quarter of 2021 subject to FCA approval, will strengthen Polar Capital’s European offering and support its ongoing expansion.

Gavin Rochussen, CEO at Polar Capital, commented: “The acquisition of Dalton Strategic Partnership is further delivery of our growth and diversification strategy and is an excellent strategic, geographic and cultural fit with our existing business.

“It delivers greater scale, new capabilities and an expanded distribution reach in Europe, as well as highly experienced investment teams with a good track record. This acquisition will also provide Polar Capital with its first Luxembourg SICAV.

“We are confident that the acquisition will be immediately earnings enhancing and look forward to welcoming the DSP team and clients to Polar.”

Nick Mottram, CEO at Dalton, added: “ We have long been impressed by Polar Capital’s strong client focus, proposition and growth aspirations and are delighted to be joining the Group.

“It is a good cultural fit for us and that was important when we were looking to join a larger group, as we wanted to ensure we retained investment autonomy over our funds, something that our founding partner, Andrew Dalton, believed in fundamentally when he started the firm back in 2002.

“The managers of our two key investment strategies, David Robinson and Leonard Charlton, are committed and enthusiastic about the acquisition and the opportunity it will provide to further develop their investment propositions to the benefit of their investors.

“We are confident that this is an excellent strategic fit for Dalton and look forward to growing a strong franchise within Polar Capital.”

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