EUROPE – Switzerland's Hansa Aktiengesellschaft has agreed to acquire UK-based fund manager SVG Investment Managers (SVGIM) from SVG Capital.

SVGIM is a specialist manager that invests in UK equities by applying private equity techniques to public markets.

It is also a champion of "constructive" corporate engagement.
 
Pending regulatory approval, Hansa will become the majority stakeholder in SVGIM, with senior management at SVGIM holding a significant minority stake.

Hansa will also acquire SVG Capital's holdings in certain SVGIM managed funds.

Georg von Opel, chairman at Hansa said: "Our vision is to build a world-class asset manager, with a focus on unconstrained investment in high-quality public companies and constructive corporate engagement.

"SVGIM is a unique business with a proven track record in this style of investing."

Adam Steiner, chief executive at SVGIM, added that the deal would allow his company to extend its offering to discretionary and institutional clients.

Under the new structure, SVGIM will continue to operate its existing managed funds as before.

Nor will there be changes to the existing fund manager teams, which will retain complete investment autonomy.

Hansa said SVGIM would continue under its own brand for the immediate future, with a "rebrand anticipated in due course".

Financial terms for the deal were not disclosed.

Meanwhile, SVG Capital has also completed the sale of 50.1% of SVG Advisers to Aberdeen Asset Management.

SVG Capital chief executive Lynn Fordham is to lead the combined business, branded Aberdeen SVG.

The deal creates a private equity fund management business with more than £5.1bn (€4.8bn) in assets under management.

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