Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Woodford's Burford enters 'strategic relationship' with Moulton's Manolete

Woodford's Burford enters 'strategic relationship' with Moulton's Manolete

Burford Capital, the litigation financer backed by Neil Woodford, has formed a 'strategic relationship' with Jon Moulton's Manolete.

Manolete, which is also a litigation financer but specialises in the insolvency market, is to accept a small investment from Burford so it becomes a 16% shareholder, matching Moulton's ownership in the firm.

Under the agreement, Burford will provide co-funding of up to £10 million for Moulton's insolvency litigation investments.

Commenting on the deal, Moulton, one of the UK's best-known private equity investors, said: 'Manolete has been very successful since I invested. The transaction with Burford reaffirms my enthusiasm for Manolete.'

Since its inception in 2009, Manolete has enjoyed strong growth of more than 100% each year.

Steven Cooklin, its founder and managing director, said the tie-up with Burford would take Manolete 'far beyond the next level', and added that the firm's success had already surpassed his own expectations. 

Invesco Perpetual's Woodford (pictured) owns 15.9% of Burford's share capital in his £13.9 billion High Income fund, according to figures from Reuters, and is the litigation financer's largest shareholder. Manolete, meanwhile, also counts Punter Southall's P-Solve investment advisory business among its backers.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Related Fund Managers

Neil Woodford
Neil Woodford
14/83 in Equity - UK Equity Income (Performance over 3 years) Average Total Return: 58.97%
Citywire TV
Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Play Henderson's Hermon: how to be defensive in smaller caps

Henderson's Hermon: how to be defensive in smaller caps

Hermon, who manages the Henderson Smaller Companies trust, talks about he will tackle a 'challenging' 2016.

Your Business: Cover Star Club

Profile: 'what we are doing at Mosaic is Darwinian'

Profile: 'what we are doing at Mosaic is Darwinian'

The changes in financial services over the last few years may leave some destitute warns Marco Sambucci of Mosaic Money Management

Wealth Manager on Twitter