​DACH roundup: FCA gives go-ahead for GAM takeover by Liontrust

The takeover of Swiss asset manager GAM by Liontrust Asset Management has been given the go-ahead by the UK’s Financial Conduct Authority (FCA).

The Swiss Financial Market Supervisory Authority - FINMA - and the Central Bank of Ireland have already approved the proposed change of ownership of GAM, the asset manager said today.

Liontrust is now applying for approval from financial regulators in Luxembourg, Italy and Hong Kong, expecting decisions within the next three months, it added. 

The approval from the FCA comes as Investor group NewGAMe and Bruellan, which owns 9.6% of GAM – requested an Extraordinary General Meeting (EGM) after the end of the tender period for Liontrust’s offer for GAM, likely around August 31.

Liontrust has extended the offer period to 23 August. This means that GAM shareholders cannot make an informed choice about the future of the company at the EGM on 18 August, the shareholders said.   

The GAM Board has recommended the offer from Liontrust, urging shareholders to tender their shares.

Universal Investment sets up US equity fund with Montrusco Bolton

Universal Investment is partnering with Canadian asset management Montrusco Bolton to set up a new US equity fund. 

The Montrusco Bolton US Equity Fund is open to investors in Luxembourg, Germany and Austria. It has received over US$100m (€91.4m) in commitments since the launch.

Structured as a Luxembourg SICAV vehicle, the UI I - Montrusco Bolton US Equity Fund actively invests in 20-40 companies, with an approach integrating ESG aspects in the investment process. 

The underlying strategy for the fund was originally launched in Canada and is under the responsibility of Jean David Meloche, head of global equities at Montrusco Bolton, and his team since 2008. 

With the launch of the latest US equity fund, Montrusco Bolton, which has $10.7bn AUM, is continuing to expand its footprint in Europe, following the launch of its UI I – Montrusco Bolton Global Equity Fund, which raised $300m in 15 months.

Sylvain Boulé, president and chief executive officer of Montrusco Bolton, said: “We are very pleased to make our US equity strategy available through a SICAV vehicle, which will allow a larger group of investors to increase their exposure to the US markets.”

Ecclesia buys Pension Solution Group 

German insurance broker Ecclesia Group has taken over Pension Solution Group, which specialises in designing, implementing and in the administration of company pensions.

Through the acquisition, Ecclesia strengthens its position in the occupational pension market to offer existing and new customers new solutions, particularly in the logistic sector and in industries, it said.

Ecclesia has worked together with Pension Solutions for more than 10 years. 

“We concentrate primarily on the implementation of employer or mixed-financed pension plans,” said Frank Buschmann, managing director of Ecclesia Vorsorgemanagement.

The Pension Solutions Group specialises in deferred compensation and individual advice for employees.

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