Momentum Global In Deal To Acquire Seneca For £5B

Momentum Global Investment Management (MGIM) is to buy Seneca Investment Managers, creating a fund house with nearly £5 billion assets under management, reported FT Adviser. 

MGIM announced Tuesday, October 13, it had agreed to acquire Seneca, subject to regulatory approval, as it looked to enhance its growth potential.

The transaction will see the new £4.7 billion (US$6.08 billion) asset manager maintain its presence in London and Liverpool and bring together Seneca’s UK presence with MGIM’s global client base. No redundancies are foreseen as a result of the transaction.

Both multi-asset management businesses, the new asset manager will boast a fund range which includes the VT Seneca funds and the Seneca Global Income and Growth trust alongside MGIM’s focus funds and managed portfolio offering. The Seneca funds will assume the MGIM brand.

Ferdi van Heerden, chief executive of MGIM, said, “This is a very exciting acquisition. The two teams complement each other well and have a strong cultural fit. 

“The acquisition will enable MGIM to meet the growing demand for multi-asset investment solutions from advisers, discretionary fund managers and their clients.”

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