Multi-assetApr 5 2023

Sutton-based multi-asset manager sold to Momentum

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Sutton-based multi-asset manager sold to Momentum
Multi-asset investment specialists announce purchase of Sutton-based company. (Fauxels via Pexels)

Momentum Global Investment Management, which provides model portfolios and multi-asset funds to advisers and their clients, has bought Sutton-based Crown Agents Investment Management.

According to specialist merger and acquisition broker Imas, which facilitated the deal, the merger of CAIM and MGIM will be operating with combined assets of $8.3bn (£6.65bn) globally.

Imas stated: "With a strong cultural fit and complementary strengths, MGIM predominantly in multi-asset and CAIM in fixed income and reserve management, they can provide an enhanced offering and broader capabilities to its clients, creating a stronger platform for future growth for the two businesses."

Imas acted as the exclusive financial adviser to Crown Agents Bank in the sale of CAIM to MGIM, the UK-based subsidiary of Momentum Metropolitan Holdings Limited, the South African insurance and investment business which is listed on the Johannesburg Stock Exchange.

Headquartered in Sutton, CAIM is a specialist fixed income and multi-asset institutional investment manager for central banks, sovereign funds, pension funds, financial institutions and other institutional investors in some of the world’s fastest growing economies.

MGIM was established in the UK in 1998 and focuses on designing, building and managing outcome-based investment solutions, delivered through single and multi-asset portfolios.

MGIM currently has five multi-asset funds for advised clients in the UK:

  • VT Momentum Diversified Cautious Fund
  • VT Momentum Diversified Balanced Fund
  • VT Momentum Diversified Moderate Fund
  • VT Momentum Diversified Growth Fund
  • VT Momentum Diversified Income Fund.

It also offers tailored client solutions for institutional clients, financial intermediaries and its clients in the UK and Europe, Asia and the Middle East, South America and South Africa.

Imas was retained by Cabim Limited, owner of CAIM, and was responsible for planning and managing the entire transaction process, including the initial preparations, approaches to and discussions with prospective buyers through to the ultimate closing of the transaction.

A spokesman for Imas said: "Our work included a comprehensive review of the sector, specific valuation advice and assisting in the detailed negotiations on the initial and final terms of the deal."