Pixabay CC0 Public Domain. Aviva Investors llega a un acuerdo de distribución con Capital Strategies Partners para España, Portugal, Brasil y Uruguay
Aviva Investors, the asset manager of insurer Aviva, has struck a distribution deal with Madrid based Capital Strategies Partners, that will allow them to sell investment capabilities into Spain, Portugal, Brazil and Urugruay.
CSP will focus on distributing Aviva Investors’ credit, equity, liquidity, multi-asset and real assets capabilities through its wholesale and intstitutional channels.
According to a press release, the deal completes the manager’s geographical coverage of Iberia and Latin America, and complements an existing partnership with Exel Capital, which represents Aviva for the institutional markets in Chile, Peru and Columbia.
Charlie Jewkes, Head of Global Financial Institutions at Aviva Investors, will work with CSP in Brazil and Uruguay, while Paolo Sarno, head of Southern Europe at Aviva Investors, will work with CSP on distribution in Spain and Portugal. Cristina Rubio, Pedro Costa Felix, Jorge Benguria and Agustin Mariatti will lead the sales efforts in these markets for CSP.
Jewkes said: “We are delighted to enter into a partnership with CSP, which has a 20-year track record of raising assets in these markets for international asset managers. I believe this arrangement will be transformational in providing Aviva Investors with a footprint to promote our investment capabilities in some of the most exciting markets in the world.”
“As global macro, socioeconomic and regulatory changes continue to accelerate opportunities for international asset managers in the Latin American and Iberian regions, we look forward to bringing our full suite of capabilities to clients in those markets. The combination of growing personal wealth and some of the most forward-looking long-term savings reforms make the region extremely attractive. Our broader credentials as a leader in responsible investment provide us with an excellent platform to partner with early adopters of this philosophy, which we are already beginning to see.”
Daniel Rubio, CEO, Capital Strategies Partners, said: “We are delighted to kick off this project and work with Aviva Investors in some of our markets, which we are confident will be a success. Aviva Investors’ strong investment offering, asset management and insurance heritage and leadership in responsible investing will be very attractive to clients in these markets.”
The invitation for Franklin Templeton Mexico‘s 15th Anniversary party read: “2005; The first elections in Iraq; YouTube is born; Prince Carlos and Camila de Cornwall get married; Vicente Fox is president of Mexico; The Patriots win the Super Bowl XXXIX; Pope John Paul II dies, Mexico City Metrobus is launched; Evo Morales is elected president in Bolivia; Angela Merkel is elected Germany’s first female chancellor; George W. Bush is president of the United States again, “Million Dollar Baby” wins the Oscar for best film and Franklin Templeton opens his office in Mexico.” In charge of that office was, and continues to be, Hugo Petricioli, one of the main drivers of the country’s fund industry. In an interview with Funds Society, the manager talks about what the market was like then, how it is now and how he thinks it will evolve…
Petricioli, whose team today has over 30 people covering not only Mexico but also Central America from an office overlooking the famous “Independence Angel” on Reforma avenue, in Mexico City, remembers that when he established the firm, he worked from home for a year and had friends who “thought I was unemployed.”
At that time, they were the first firm in Mexico without its own distribution network, “that model is the model of a pure asset manager, we had to look for and expect many regulatory changes because the Mexican regulatory system came from the idea that operators were just an appendix of brokerage firms, that has changed a lot.” During 2006, several global asset managers tried to establish themselves in the region, but “by 2009 the majority had closed or radically changed their plans for the country, due to the lack of fiscal transparency and the issue with funds of funds, which in retrospect I think it was a very bad thing for the funds supply in Mexico and it greatly limited Mexican investors.”
Today, in his opinion, the sector has changed little at first sight, “the fund distributors did not multiply although their model can be very beneficial for investors, independent investment advisors practically do not participate in the sector because they don’t have the right platforms to maintain competitive prices and the players remain practically the same and in the same order as when we opened the office.”
However, he also considers that “there are important changes that are not noticed so easily: the corporate figure change , the specialization also changed, we see how the big banks are now looking for international managers to advise them on products where they do not have the experience and this is improving the quality of products in Mexico as well as the offer. As an industry we are much more united and we are weighing more and more, not only as a percentage of GDP but also as market participants,” he says.
About the future, Petricioli is positive: “I tend to be optimistic, otherwise I would never have started this adventure in an industry where all platforms were closed. The sector in Mexico is going to have to consolidate, the small players don’t have viability, the “groups” paradigm has to be broken, specialization is the way to grow and grow better.” As they say in Mexico “zapatero a tus zapatos” which means do what you are good at and what you are supposed to do. “I think that small and large players have to analyze in what business they are, are they distributors or managers? If they want to be both they need to make a real analysis of their own economies of scale. Do they really have them? Or not? And if they don’t have them they should have to rethink their model and decide. If we do things right, this sector could double in size in 5 years,” he comments.
To achieve this, the manager would like to see, among other things, a more competitive vehicle, a much more agile regulation and an improvement in the quality and quantity of information. “The Mexican vehicle is not competitive outside of Mexico because of the regulatory and fiscal framework, my industry colleagues are [competitive] and it is a pity that they cannot export their skills and be even more successful. With more and better standards everything would be clearer for everyone.” He mentions.
In his opinion, “the main challenge is that everything is complicated, nothing is agile. It is confusing. If we want to be inclusive and give all Mexicans the opportunity to generate wealth, we have to do something with absolutely all the materials, prospects, key documents, etc. Have you read a prospectus recently? Try to make a comparison in Mexico of funds, we don’t even have a standard in the Mexican series.”
Meanwhile, Petricioli and his team will continue to work to strengthen a market of which Jenny Johnson, president and CEO, of Franklin Resources said during the anniversary party: “As far back as the 1980s we saw the tremendous potential of Mexico and began making investments here with our emerging markets team…We look forward to strengthening these partnerships and deepening our relationships with you for the next 15 years…and beyond.”
In general, the success obtained so far “has been due to two factors: a large company with a great ethical standard and the possibility of building a great team. Without the team, we would not have been able to do anything. Success belongs to each and every one in it, and now we are presented with a great opportunity to offer products to all Mexicans that can generate wealth from their flow,” concludes Petricioli.
Foto cedida. Investors Trust and Aiva Join Forces to Better Serve the LatAm Market
Investors Trust and Aiva have joined forces to provide one of the most robust and complete range of products, services and support to financial advisors and clients in Latin America. This union aims to deliver a one of kind approach to clients needing comprehensive solutions in their financial planning goals.
According to a press release, “by joining efforts, the two companies can use their years of knowledge and expertise to collaborate and better service advisors in the region by providing a valued perspective and set of skills that might not otherwise be shared outside of this alliance… Both companies are excited for this opportunity to work together to further promote value driven business and excellence in the industry throughout the region. It is the great success and long-standing presence that have characterized them as leaders for more than 25 years.”
“This is an important milestone in our efforts to use our combined professional experiences to collectively grow and reach new heights in terms of service and distribution.” Said Ariel Amigo, Chief Marketing Officer and Head of Global Distribution at Investors Trust.
Elizabeth Rey, CEO of Aiva, added: “This partnership is sure to leverage the complementary strengths between two very successful companies, which will enhance significantly the value proposition to our advisors and clients.”
About Aiva
Aiva is a company specialized in wealth management solutions for affluent and high net worth clients in Latin America and the Caribbean. With over 25 years of experience, Aiva operates through a highly profes- sional network of independent financial advisors and world class financial institutions for Latin American clients.
About Investors Trust
Investors Trust is the global brand representing the ITA Group. ITA Group is an international group of insurance companies and subsidiaries, located in multiple jurisdictions around the world whose goal is to provide access to the global markets through an array of unit-linked insurance products.
Barbara Novick, achive photo. vicepresidenta y cofundadora de BlackRock
Barbara Novick, BlackRock’s Vice Chairman and Co-Founder will step down from her day-to-day duties at the asset manager, according to an internal memo cited by various news outlets.
Novick, 59, will continue in her current role until her successor is chosen, a process she will help with and after which, she will serve as a senior adviser to the company.
“Much of the post-financial crisis policy work that Barbara led is largely implemented, and she has greatly enhanced our stewardship practices, including our commitment to transparency”, Chief Executive Officer Larry Fink said in the memo.
Barbara G. Novick, Vice Chairman, is a member of BlackRock’s Global Executive Committee, Corporate Risk Committee and Global Operating Committee. From the inception of the firm in 1988 to 2008, Novick headed the Global Client Group and oversaw global business development, marketing and client service across equity, fixed income, liquidity, alternative investment and real estate products for institutional and individual investors and their intermediaries worldwide.
In her current role, she oversees the firm’s efforts globally for public policy and for investment stewardship. In addition, she is a member of the Executive Committee of the Investment Company Institute.
Prior to founding BlackRock in 1988, Novick was a Vice President in the Mortgage Products Group at The First Boston Corporation. She joined First Boston in 1985 where she became head of the Portfolio Products Team. From 1982 to 1985, Novick was with Morgan Stanley.
Novick has authored numerous articles on asset management and public policy issues.
Alesandro Agnore has joined Unicorn Strategic Partners‘ sales team in Miami.
As Funds Society found out, Agnone joined the team last Monday and has more than 15 years of experience in companies such as Merrill Lynch, Wells Fargo and Jefferies.
David Ayastuy, Managing Partner and Founder of Unicorn SP said: “Our goal is to continue investing in talent and to grow as much as the industry allows. We have strategies from the two managers that we represent for US offshore (BNY Mellon and Vontobel) that perfectly complement the different needs of customers and market situations. If the results continue to accompany us, the idea is to continue growing the team, and by the end of 2020 have a person based in Houston that covers Texas and West Coast, as well as an Internal Wholesaler in New York, where Mike Kearns, Head of US Offshore, is based.”
Unicorn SP currently has a team of 10 people, 6 of them based in the United States (in New York and Miami), and the rest in Latin America. In addition to BNY Mellon and Vontobel, the firm also represents Muzinich and as of a month ago, French boutique La Financiere de L’Echiquier.
Marysol Novo-Capello, courtesy photo. Marysol Novo-Capello se une a AXA Investment Managers
In an effort to strengthen its growing Americas Client Group, AXA Investment Managers has hired Marysol Novo-Capello as Key Account Manager.
Marysol will be based in Greenwich, CT and will report to Marcello Arona, Head of AXA IM Inc. and CEO of AXA IM in the Americas.
Marysol will focus on onboarding new investors and distributors, including wirehouses, independent broker-dealers, RIAs and regional private banks. Working with AXA IM’s sales & client services and operations team, she will also develop operational infrastructure and procedures to support expanding partnerships with offshore clients.
She was most recently with Morgan Stanley Wealth Management, where she successfully supported the development of the firm’s offshore fund business.
Latin American wealth and institutional investors are increasingly looking for alternative exposure according to Roque Calleja, Head of BlackRock Alternative Specialists (BAS) for Latin America.
In an interview with Funds Society, the specialist mentioned that BlackRock, as a local player across LatAm, has been able to identify this increase in demand from public to private exposure, and that along with his team, they are “uniquely positioned to deliver.”
The alternative space is one of BlackRock’s three focus growth areas, along with the iShares platform and technology. They currently manage aprox $200bn dollars across their global alternative solutions. Over the past few years, BlackRock has been building their alternatives investment platform as well as augmenting their existing credentials with additional capabilities
With the acquisition of eFront from private-equity firm Bridgepoint for $1.3 billion in cash last year, Roque expects that towards the end of 2020, the company will be able to integrate this amazing private market tool with their very much-established Aladdin, setting a new standard in investment and risk management technology, vastly expanding Aladdin’s alternatives capabilities and providing a whole-portfolio technology solution to clients. Their goal is “to be able to look through the entire portfolio, across public and private exposures.” Which will aid them in their endeavor of providing outcome-oriented solutions to clients.
“Our view is that today we are the only investment manager that can provide access to best in class capabilities across both the liquid and illiquid spectrum. Furthermore, we are the only manager that can fully model the total portfolio view to ensure we have clarity about the risks you are taking. We are uniquely positionedto build “Tomorrow’s Alternatives Platform” and be the alternatives provider of choice for our clients.”
In Calleja’s opinion the tilt towards private investments follows investor’s search for “returns and diversifications and specially in LatAm they are looking for income.”
Very diversified across asset classes
Calleja mentions that they have “a very diversified platform across all the different asset classes in alternatives, with the full spectrum of solutions for clients.” In Latin America, he mentions that when clients invest in alternatives, there has been historically a strong bias in private equity “since they are looking for the highest returns. Now however, across wealth and instructional portfolios alternatives are becoming a larger part of the portfolios and clients are looking into more diversified exposures. And with that, there is a huge demand for alternatives in the region, in both liquid and illiquid solutions… We see a lot of demand for private equity, real assets but also for private debt and others. Now you see it across the board, clients looking more holistically to have exposure to alternatives.”
Because of this, BlackRock is looking to democratize the asset class to give better access to clients. “We need to be more creative about how to bring illiquid solutions across the region and we are looking on new strategies for the wealth space, for distributors, family offices etc…”
In his opinion, one of their main differentiators is that, with three people in NYC and one in Peru, they have a dedicated team to cover the asset class in the region and that is “not about pushing product but helping clients in the transition of having a diversified exposure across public and private exposures’
“We give investors new choices and better value as they build alternatives allocations that match their specific needs...” He mentions
“As we are entering a ‘New Era of Alternatives’ deal sourcing is more important than ever – years ago you could have probably worked with any alts provider, but in this era, you want to have access to the widest and deepest global sourcing network that makes alts work for you, and BlackRock is truly different from any other alternatives player.” He concludes.
During the first edition of Funds Society’s Investments & Rodeo Summit, which will take place on March 5, 2020 at the Intercontinental Houston Medical Center, Bradley George, Managing Director in the US Institutional team at Investec Asset Management will talk about quality investing, and seeking long-term outperformance from strong franchises.
“Investec Asset Management believes that investing in Quality companies can provide greater certainty in the uncertain markets we are currently faced with. Investec’s Quality approach is to look for companies which typically have high customer loyalty, strong brands and low debt. These companies have historically proved more resilient in times of economic uncertainty.” They mention.
During the presentation, George, will discuss Investec’s rigorous research process and how there are not many companies which meet Investec’s exacting requirements. Bradley will also provide an overview of the strategies’ global portfolios showing how they are currently positioned.
Bradley joined Investec Asset Management in 2006 as the Head of Commodities & Resources. He joined the firm after spending seven years at Goldman Sachs where he worked as an executive director in the Commodity Division. Prior to this, he worked in the Goldman Sachs Investment Banking Division on natural resources M&A transactions in both London and South Africa. Previously, he spent three years at KPMG in the Financial Services Division within the Treasury Advisory Group, offering clients consultancy advice on financial derivatives risk management. Bradley graduated from the University of Cape Town with an honours degree in Business Science in 1994. He completed his postgraduate diploma in Accounting (PGDA) from the University of Cape Town in 1995. In 1998 he was awarded the Chartered Accountant designation (SA).
Richard Garland, Managing Director, and Fernando Penaloza, Sales Director, will also be present at the event.
If you are involved in the management of fund portfolios, or the selection and analysis of funds, and want to participate in this event, reserve your place as soon as possible by writing to info@fundssociety.com.
Investec Asset Management, soon-to-be Ninety One, is a specialist investment manager, providing a premier range of products to institutional and individual investors. Employees are equity stakeholders in the firm. Established in 1991, the firm has been built from a small start-up into an international business managing US$ 148.9bn. They have grown from domestic roots in Southern Africa and the UK to a position where they proudly serve a growing international client base from the Americas, Europe, Asia, Australia, the Middle East and Africa. The firm seeks to create a profitable partnership between clients, shareholders and employees, and to exceed clients’ performance and service expectations. Investec Asset Management is a significant component and independently managed entity within the Investec Group, which is listed in London and Johannesburg.
Jenny Johnson, President and CEO at Franklin Templeton, courtesy photo. Jenny Johnson, President and CEO at Franklin Templeton
Franklin Resources, a global investment management organization operating as Franklin Templeton, announced on February 18th that it has entered into a definitive agreement to acquire Legg Mason, for $50.00 per share of common stock in an all-cash transaction. The Company will also assume approximately $2 billion of Legg Mason’s outstanding debt. The acquisition of Legg Mason and its multiple investment affiliates, which collectively manage over $806 billion in assets as of January 31, 2020, will establish Franklin Templeton as one of the world’s largest independent, specialized global investment managers with a combined $1.5 trillion in assets under management (AUM) across one of the broadest ranges of high-quality investment teams in the industry. The combined footprint of the organization will significantly deepen Franklin Templeton’s presence in key geographies and create an expansive investment platform that is well balanced between institutional and retail client AUM. In addition, the combined platform creates a strong separately managed account business.
“This is a landmark acquisition for our organization that unlocks substantial value and growth opportunities driven by greater scale, diversity and balance across investment strategies, distribution channels and geographies,” said Greg Johnson, executive chairman of the Board of Franklin Resources, Inc. “Our complementary strengths will enhance our strategic positioning and long-term growth potential, while also delivering on our goal of creating a more balanced and diversified organization that is competitively positioned to serve more clients in more places.”
Jenny Johnson, president and CEO of Franklin Templeton, said, “This acquisition will add differentiated capabilities to our existing investment strategies with modest overlap across multiple world-class affiliates, investment teams and distribution channels, bringing notable added leadership and strength in core fixed income, active equities and alternatives. We will also expand our multi-asset solutions, a key growth area for the firm amid increasing client demand for comprehensive, outcome-oriented investment solutions.”
Joseph A. Sullivan, chairman and CEO of Legg Mason, said, “The incredibly strong fit between our two organizations gives me the utmost confidence that this transaction will create meaningful long-term benefits for our clients and provide our shareholders with a compelling valuation for their investment. By preserving the autonomy of each investment organization, the combination of Legg Mason and Franklin Templeton will quickly leverage our collective strengths, while minimizing the risk of disruption. Our clients will benefit from a shared vision, strong client-focused cultures, distinct investment capabilities and a broad distribution footprint in this powerful combination.”
Carol Anthony “John” Davidson, lead independent director of Legg Mason, said, “Today’s announcement marks the beginning of an exciting next chapter for Legg Mason, our investment affiliates and valued clients, who will benefit from a leading global asset manager with the scale to compete and win in today’s markets. I am honored to have had the opportunity to serve as the lead independent director of this dynamic board, and I am truly appreciative of the hard work and dedication of the entire Legg Mason team.”
Nelson Peltz, CEO and Founding Partner of Trian Fund Management, and a Legg Mason director said, “Given the dynamics of today’s rapidly evolving and increasingly competitive asset management sector, I believe this transaction is compelling. In our view, it offers an attractive valuation for Legg Mason’s shareholders. I believe it will also enable Legg Mason’s investment affiliates to remain at the forefront of an industry where scale is increasingly vital to success and to join Franklin Templeton, an organization that I have deep respect for and confidence in.”
Trian Fund Management, L.P. and funds managed by it, which collectively own approximately 4 million shares or 4.5% of the outstanding stock of Legg Mason, have entered into a voting agreement in support of the transaction.
Jenny Johnson added, “This transaction gives us significant scale, addresses strategic gaps and brings greater balance to our business, while positioning us for accelerated growth in the future. We have incredible respect and admiration for the success Legg Mason and its investment affiliates have achieved and we have structured the transaction to ensure that its affiliates have the right mix of independence and support to continue building on their strong track records. Legg Mason’s investment affiliates will be able to leverage Franklin Templeton’s global infrastructure and ongoing investment in technology and innovation, while clients can take comfort in the combined firm’s financial strength and aligned interests.”
Continued Autonomy for Investment Affiliates
Franklin Templeton has spent significant time with the affiliates and there is strong alignment among all parties in this transaction and shared excitement about the future of the company.
James W. Hirschmann, CEO of Western Asset, a Legg Mason affiliate, said, “Western Asset is excited to be joining the Franklin Templeton family, a firm with a long and storied history of proven financial performance and a leadership team and board with decades of asset management experience who value our investment independence and organizational autonomy. Like us, Franklin Templeton understands the importance of culture, teams and core values to achieving outstanding investment results for clients.”
Terrence J. Murphy, CEO of ClearBridge Investments, a Legg Mason affiliate, said, “As part of Franklin Templeton, we are confident that we will retain the strong culture that has defined our success as a recognized market leader in active equities. Their commitment to investment autonomy, augmented by the scale and reach that the combined organization will provide, will allow us to deliver for our existing clients and expand our ability to deliver our investment capabilities in new channels and regions. We are very pleased to join the team at Franklin Templeton and excited about what we can do together.”
Organizational Structure and Parent Company Integration
With this acquisition, Franklin Templeton will preserve the autonomy of Legg Mason’s affiliates, ensuring that their investment philosophies, processes and brands remain unchanged. As with any acquisition, the pending integration of Legg Mason’s parent company into Franklin Templeton’s, including the global distribution operations at the parent company level, will take time and only commence after careful and deliberate consideration.
Following the closing of the transaction, Jenny Johnson will continue to serve as president and CEO, and Greg Johnson will continue to serve as executive chairman of the Board of Franklin Resources, Inc. There will be no changes to the senior management teams of Legg Mason’s investment affiliates. Global headquarters will remain in San Mateo, CA and the combined firm will operate as Franklin Templeton.
After careful consideration, EnTrust Global, a Legg Mason affiliate that provides alternative investment solutions, and Franklin Templeton, jointly agreed that it was in their best interest that EnTrust repurchase its business, which will be acquired by its management at closing. EnTrust will maintain an ongoing relationship with Franklin Templeton. Jenny Johnson added, “EnTrust is an excellent business and we recognize and appreciate their desire to once again become a private company. We have appreciated their collaboration in our discussions and look forward to our ongoing relationship.”
Transaction Details
The all-cash consideration of $4.5 billion will be funded from the Company’s existing balance sheet cash. Franklin Templeton will also assume approximately $2 billion in Legg Mason’s outstanding debt. Upon closing of the transaction, Franklin Templeton expects to maintain a robust balance sheet and considerable financial flexibility with pro forma gross debt of approximately $2.7 billion with remaining cash and investments of approximately $5.3 billion. This transaction is designed to preserve the Company’s financial strength and stability with modest leverage, significant liquidity and strong cash flow to provide ongoing flexibility to invest in further growth and innovation.
This transaction is expected to generate upper twenties percentage GAAP EPS accretion in Fiscal 2021 (based on street consensus earnings estimates for each company), excluding one-time charges, non-recurring and acquisition related expenses.
While cost synergies have not been a strategic driver of the transaction, there are opportunities to realize efficiencies through parent company rationalization and global distribution optimization. These are expected to result in approximately $200 million in annual cost savings, net of significant growth investments Franklin Templeton expects to make in the combined business and in addition to Legg
Mason’s previously announced cost savings. The majority of these savings are expected to be realized within a year, following the close of the transaction, with the remaining synergies being realized over the next one to two years.
The transaction has been unanimously approved by the boards of Franklin Resources, Inc. and Legg Mason, Inc. This transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals and approval by Legg Mason’s shareholders, and is expected to close no later than the third calendar quarter of 2020.
Broadhaven Capital Partners, LLC and Morgan Stanley & Co LLC served as financial advisors to Franklin Resources, Inc. Ardea Partners LP also provided advice. Willkie Farr & Gallagher LLP acted as external legal counsel. PJT Partners served as the lead financial advisor to Legg Mason. J.P. Morgan Securities LLC also served as financial advisor to Legg Mason. Weil, Gotshal & Manges LLP served as lead counsel to Legg Mason and Skadden, Arps, Slate, Meagher & Flom LLP served as special counsel to Legg Mason. Dechert LLP served as legal counsel to EnTrust Global.
Pixabay CC0 Public Domain. Jupiter Fund Manager compra Merian Global Investors por 469 millones de euros
Jupiter Fund Management is to acquire Merian Global Investors for £370 million ($476.5 million), in a deal that will boost its fixed-income and emerging markets capabilities.
A jointnews release said the deal, which is expected to complete July 1, will add £22.4 billion to Jupiter’s AUM, for a combined assets under management of £65.2 billion.
The 100% acquisition will be financed through the issue of new Jupiter shares to Merian shareholders. Following completion of the deal Merian’s largest shareholder, TA Associates Management, will own about 16% of the enlarged firm and key Merian management will own about 1%.
The deal is subject to Jupiter shareholder and regulatory approval. Once completed, the firm will operate as Jupiter.
Merian’s investment team will join Jupiter, according to the release.
“The addition of Merian is compelling for all stakeholders. With this acquisition, our business will benefit from an increased capacity to attract, develop and retain high quality talent, backed by further investment in our platform and technology. In turn, we will be able to offer a wider choice of strongly performing active investment strategies to our clients, while shareholders will benefit from a highly earnings accretive deal delivered through substantial cost synergies,” Andrew Formica, CEO of Jupiter, said in the news release.
Mark Gregory, CEO of Merian, added: “Jupiter is a great strategic and cultural fit with our business. It has a market leading brand with a clear focus on high conviction, active asset management which is entirely consistent with our own. I believe the enlarged business will be more strongly positioned to offer greater choice and investment performance to clients and continue to meet clients’ ever-evolving needs.”
