Henderson Group, the Anglo-Australian asset manager, is celebrating its return to success after a difficult couple of years with the purchase of US fund manager Geneva Capital Management.
FastFT reports Geneva, based in Milwaukee, manages $6.3bn (£3.7bn) of client funds and specialises in picking small and mid cap growth stocks.
Henderson is paying up to $200m (£117.5m) for Geneva, spending $130m (£76.37m) upfront with the balance dependent on the acquired company meeting revenue retention and growth targets.
This comes after Henderson reported record inflows, record profits and a record high share price, rebounding strongly from a period when it was one of the UK’s worst performing asset managers.
In May this year, Henderson’s US mutual fund business reached $10bn (£5.87bn) for the first time, attracting $1.4bn (£822m) of net new funds from its clients, the asset manager said.
