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Gottex takes majority stake in Frontier IM
by Daniel Grote on Mar 20, 2013 at 07:52
Alternatives manager Gottex Fund Management has taken a majority stake in Frontier Investment Management.
Guernsey-based Gottex, which has $7 billion in assets under management, said it expected to benefit 'from access to Frontier's retail distribution in the UK through its well-established IFA channels'.
Frontier chief executive Michael Azlen (pictured), a former Wealth Manager cover star, will retain a 'substantial equity interest' in the business following the deal and will join Gottex as an executive within its multi-asset business.
'Gottex provides a global institutional asset management platform with strong investment processes that will allow Frontier's product line to grow and achieve its potential,' he said.
Gottex will pay for the acquisition through a combination of up 0.45 million shares and additional cash payable over a period of two years. Frontier has $550 million in assets under management and is profitable, the group said.
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