Border Asset Management acquisition
27/04/11
Principal combines with Border Asset Management to create a national discretionary investment management business ‘Sanlam has a strategic focus on building its UK financial services franchise. Identifying complementary acquisition opportunities is a key part of this strategy and we are delighted Principal has completed this transaction.’
Principal Investment Management is pleased to announce its immediate parent company, Principal Holdings, has acquired Border Asset Management in a transaction which brings together two specialist discretionary investment management businesses.
The combined business will manage circa £1.5 billion of assets. It will have 130 staff and will operate from Principal’s existing offices in London, Sevenoaks and Bath, and from Border’s existing offices in Kirkby Lonsdale and Harrogate.
Commenting on the transaction, Hugh Titcomb, Chief Executive of Principal, said:
‘The Border and Principal businesses fit together extremely well. We share a strong commitment to providing clients with the highest possible quality of service and are highly complementary in terms of investment approach and geographic reach, with Border’s two offices in the North of the Country complementing Principal’s three offices in the South. As a combined business we look forward to harnessing the benefit of the pooled expertise and enhanced resources to further develop the range of services available to all our clients.’
Chief Executive of Border, Peter Lever, added:
‘We are very excited by the opportunities created by this transaction with Principal. Border’s continued growth and desire to expand its services have demanded ever increasing levels of investment in people and systems. The size of our business now means that such investment can most sensibly be achieved by merging with a well resourced firm sharing our own philosophy and approach.’
This transaction is part of the growth strategy of Principal’s parent company, Sanlam.
Lukas van der Walt, CEO of Sanlam UK, commented:
