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Jon Little's Northill snaps up £11.5bn fund firm Longview
by Dylan Lobo on May 01, 2014 at 14:17
Northill Capital has acquired asset management firm Longview Partners in the latest consolidation in the funds industry.
The investment is comprised of 100% of the shareholding of Keith McDermott, Longview’s chief executive and co-founder, who will retire once the deal is completed. The balance of the equity acquired belong to other shareholders, including chief investment officer and fellow founder Ramzi Rishani.
Longview, which was founded in 2001, specialises in global equities through a range of concentrated long-only and absolute returns funds are controls $19.5 billion (£11.5 billion) in assets.
Following the deal Rishani and Longview partner Marina Lund will become co-chief executives of the firm with Rishani continuing to serve as CIO. All remaining partners will stay at Longview and Northill said they would continue to have a high degree of autonomy on the running of the firm.
'Longview is our largest transaction to date and fits exactly with the profile of manager in which we seek to invest,' said Little.
'Longview is highly successful with an outstanding performance track record and a focused, disciplined, repeatable investment process. The business has an extremely talented team we like and respect, and a strong independent-minded culture.'
'As an owner alongside management, we are focused on being a long-term, supportive partner. As Longview addresses its own succession, entering into a partnership with Northill will ensure the business continues to develop whilst maintaining its strong investment performance.'
McDermott added: 'Longview’s partnership with Northill represents a strong fit with our values and culture. As I retire, I am confident that in Northill, Longview has found the right long-term partner to ensure the optimal outcome for our clients, employees and shareholders.'
Longview represents Northill's second purchase in the space of six months after it completed the buy of hedge fund firm Alpha Strategic at the end of last year.
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