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Pendal Group Limited (Pendal), parent company of J O Hambro Capital Management Limited (JOHCM), today announced the completion of its acquisition of Virginia-based, value-oriented investment management company, Thompson, Siegel & Walmsley LLC (TSW).
Pendal Group CEO, Nick Good, said, “We are thrilled to welcome the TSW team and its clients to Pendal Group. Client support has been incredibly strong, with 96% of TSW client consent received in just 11 weeks. It is testament to the compatibility and drive of the two organizations and their teams that we have completed the acquisition well ahead of original expectations.
“Today, John Reifsnider becomes the new leader of the combined US business. John and I have worked closely together to complete the transaction expeditiously, cognizant of the importance of client and team support for the go-forward proposition. I am very pleased that John will be taking on this key role.”
Mr. Reifsnider said, “The team and I are more convinced than ever of the merits of bringing together these two culturally aligned and forward-looking businesses. We believed from the outset that both organizations are a natural fit with compatibility in investment philosophy, client service and our entrepreneurial approach. The teamwork in delivering early completion and client consent is validation of this view and bodes well for future success.”
Mr. Good commented, “This acquisition significantly broadens the range of product solutions we can offer clients via an expanded distribution network, and we are focused on providing our combined investment strategies to our enlarged client base as soon as possible. Both organizations share a core belief in investment team autonomy, and TSW’s investment autonomy will be preserved, an important consideration for our clients.
“As complementary businesses, with almost no overlap of investment strategies, together, we will be better placed to take advantage of the growth opportunities we see in the US market.”
Mr. Good concluded, “The acquisition has delivered a step change in Pendal Group’s diversification, scale and client offering. This creates enhanced opportunities for growth, particularly with increasingly positive investor sentiment, a flourishing US economy and the global economic rebound.”
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