Media releases
The Westpac Group to support acquisition of J O Hambro Capital Management by BT Investment Management Limited
19 July 2011
The Westpac Group (Westpac) today announced its support for the acquisition of J O Hambro Capital Management by its listed subsidiary BT Investment Management Ltd (BTIM).
J O Hambro Capital Management is a London-based boutique active equity investment management firm with approximately A$10.7 billion (£7.1 billion) in funds under management.
Westpac has given an undertaking to take up its full entitlement of $165m in the offer (Entitlement Offer) announced by BTIM today to partially fund the acquisition, subject to the offer not being withdrawn or the underwriting not being terminated.
“BT Investment Management’s acquisition of J O Hambro Capital Management, an award-winning UK boutique funds management business, is consistent with BT Financial Group’s wealth management strategy,” said Brad Cooper, Chief Executive of BT Financial Group.
"J O Hambro Capital Management has strong momentum with support from clients and asset consultants resulting in net flows of nearly $4bn for the 12 months to 30 June 2011. It was recently named the “Specialist Group of the Year” which followed being awarded European Asset Management Company of the Year in 2010.
“There is strong cultural alignment between the two businesses and we fully support the acquisition,” Mr Cooper said.
| 1 The Westpac Group has a 60 percent shareholding in BT Investment Management |