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Credit Suisse spins off Johim as Bermuda National sale goes through

Credit Suisse spins off Johim as Bermuda National sale goes through

J O Hambro Investment Management (Johim) has officially spun out of Credit Suisse, following the completion of its acquisition by Bermuda National Limited (BNL) for an undisclosed sum.

The deal has received FCA approval and sees BNL support a part management buyout (MBO). Johim’s existing management will continue to have autonomy over how the business is run, with management and staff now given the opportunity to become shareholders alongside BNL. The existing independent directors are also set to remain on the executive board for the foreseeable future. At the end of June Johim had around £3.9 billion in assets under management.

BNL is a listed financial services holding company created to own financial institutions, including banks and investment advisory businesses. Its major investor is Utilico, which is a UK listed international investment group with a diversified portfolio of businesses.

Hugh Grootenhuis, chief executive of Johim, said: 'We are pleased to have now completed this important transaction and would like to thank our clients for their patience during this period.  We believe that it is to the credit of both Credit Suisse and BNL that the transition has been handled with as little disruption to the business as possible. We look forward to working with our new partners in what we believe will be an exciting new phase in our development.

'To reflect the change in ownership, we are currently in the process of developing new branding, details of which we will announce shortly.  There are no plans to change our people, business model or investment process.'

Warren McLeland, chairman of BNL, said that post-the deal BNL would continue to look for similar acquisition opportunities in the future. 'BNL continues to look at opportunities in the financial services sector and the acquisition of Johim is indicative of the type of quality company that BNL is seeking to identify to grow the group further.'

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