Polar Capital Holdings PLC Team Acquisition Completion (3843C)
19 Octubre 2020 - 1:00AM
UK Regulatory
TIDMPOLR
RNS Number : 3843C
Polar Capital Holdings PLC
19 October 2020
19 October 2020
Polar Capital Holdings plc completes the acquisition of
International and World equity strategies
Polar Capital Holdings plc ("Polar Capital"), the specialist
active asset management group, today announces the completion of
the acquisition of the International Value and World Value equity
team led by Pierre Py and Greg Herr ("the Managers") from the Los
Angeles-based asset manager First Pacific Advisors, LP.
- A new joint venture, Phaeacian Partners LLC ("Phaeacian"), has been established
- Two 1940 Act mutual funds - the FPA Paramount Fund, Inc. and
the FPA International Value Fund - have been reorganised into the
Phaeacian Global Value Fund and the Phaeacian Accent International
Value Fund
- Phaeacian assets under management at the transition total
$545m (as at the end of September 2020)
The completion of the transaction provides the Managers and
Polar Capital with the opportunity to build Phaeacian into a
significant presence in the International (global ex-US) and Global
equity sectors.
The Managers bring an exceptional performance record. Over five
years to end September 2020, the FPA International Value Fund is
five-star rated by Morningstar and the FPA Paramount Fund is
four-star rated. Additionally, International Value is the top
ranked fund in its Morningstar sector over three and five years and
holds a Morningstar Bronze rating*. All performance track records
and ratings have been ported across to Phaeacian.
The launch and establishment of Phaeacian is consistent with
Polar Capital's strategy of diversifying its product offering into
top-performing international and global equity strategies, as with
its Emerging Markets Stars business, with appeal in the
institutional as well as wholesale channels, particularly in North
America.
Gavin Rochussen, CEO, Polar Capital said:
"The establishment of Phaeacian Partners is the next step in
Polar's strategy to build out our international and global products
and our institutional presence in North America.
"The strategies that Pierre and Greg will manage for us, as well
as their investment philosophy, are a natural fit with Polar
Capital's investment-led approach to managing our clients' money.
We will provide Phaeacian with a best-in-class operational
structure, allowing them the investment autonomy to build on their
impressive track record and proven, repeatable investment process.
They are an excellent addition to Polar Capital, and I am looking
forward to working with them."
Pierre Py and Greg Herr said:
"We are thoroughly looking forward to working with Polar
Capital. The partnership allows us to focus on generating
exceptional, investment-led returns for our clients, while
benefiting from the outstanding business support Polar Capital can
provide. It is an ideal fit for us in terms of operating
environment and culture."
*Source: Morningstar as at 30 September 2020. FPA International
Value is in the Morningstar Foreign Small/Mid Blend Morningstar
category and FPA Paramount in the Morningstar World Large Stock
category.
For further information please contact:
Polar Capital + 44 (0)20 7227 2700
Gavin Rochussen (Chief Executive)
John Mansell (Executive Director)
Samir Ayub (Finance Director)
Numis Securities Limited - Nomad and Joint Broker + 44 (0) 20 7260 1000
Charles Farquhar
Stephen Westgate
Kevin Cruickshank (QE)
Peel Hunt LLP - Joint Broker +44 (0)20 7418 8893
Andrew Buchanan
Rishi Shah
Camarco +44 (0)20 3757 4984
Ed Gascoigne-Pees
Georgia Edmonds
Monique Perks
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END
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