M and A
Deals Of The Day: The Latest In Wealth Management M&A - Gresham House

The latest developments in financial products and investments from around the world.
Gresham House
Last week, specialist alternative investments manager Gresham House
announced that it intends to bulk up with a funds acquisition.
Separately, it reported that its total assets under
management rose by 19 per cent year-on-year to £4.7 billion
($6.51 billion) as of 30 June, while adjusted operating profit
surged 32 per cent to £6.9 million for the first half of
2021.
The UK-based firm said that it intends to buy the Venture Capital
Trust business of Mobeus Equity
Partners for an initial sum of £24.0 million, with further
sums of up to £12.1 million payable over a three-year period,
subject to the achievement of certain criteria. To finance this
deal, Gresham House plans to raise gross proceeds of about £40
million through a placing, which includes a £20 million cash
placing of 2,197,802 new ordinary shares of 25 pence each.
The four VCTs run by Mobeus have a combined £369 million in
assets.
“Our first half performance has been very strong, with robust AUM
growth driven by organic progress and international expansion. In
addition, the acquisition of the Mobeus VCT business, announced
today, will create further shareholder value,” Tony Dalwood, CEO,
said.
“We continue to see strong demand for our ESG-focused investment
strategies, underpinned by our compelling investment performance.
A number of our sustainability-focused funds have held successful
closes since the half-year end and the acquisition of the Mobeus
VCT business also brings significant scale to create a leading
player in the VCT segment,” Dalwood said.