LJ Fiduciary

Transaction Summary
On 15 November 2023, ZEDRA announced its plan to acquire LJ Fiduciary and Alvarium Private Office (“APO”) from AlTi. LJ Fiduciary and APO will be rebranded and merged into the existing ZEDRA Group.

Terms of the transaction were not disclosed. The transaction is subject to regulatory approval.

LJ Fiduciary
Established in 1991, LJ Fiduciary and APO provide tailored solutions for the non-investment needs of families, trusts, foundations and institutions. LJ Fiduciary and APO have offices in the Isle of Man, Switzerland and the United Kingdom.

Zedra
Launched in 2016, Zedra is an international provider of Active Wealth, Corporate Services & Global Expansion, Pensions & Incentives and Fund Solutions. Zedra delivers tailored advice to companies and family businesses expanding overseas on a range of corporate, global expansion, accounting, tax, global mobility, payroll, pensions and HR matters. The firm also supports high net worth individuals and their families seeking diversified active wealth solutions, as well as asset managers and their investors.

Role
SHP acted as exclusive financial adviser to AlTi.

Osmosis

Transaction Summary
Nikko Asset Management Co., Ltd. (“Nikko AM”) and Osmosis (Holdings) Limited (“Osmosis”) entered into a legally binding strategic partnership which will see Nikko AM take a minority stake in the London-based sustainable investment firm.

Key features of the agreement:

• Nikko AM to take minority stake in Osmosis Investment Management
• Nikko AM to be given exclusive distribution and client service rights in the Asia-Pacific region (excluding Australia and New Zealand) as well as the Middle East for Osmosis investment products and strategies
• Nikko AM to take a seat on the Osmosis board of directors
• Acquisition is subject to regulatory approval by the Financial Conduct Authority of the UK (FCA) and is likely to be completed by the end of April 2024

Osmosis
Osmosis launched in 2009 and is majority-owned by management and employees. The company currently manages over $13.6bn in sustainable assets and is headquartered in London, with a growing global presence. Osmosis believes that targeting better risk-adjusted returns and delivering significant environmental impact do not need to be mutually exclusive endeavours. Through its unique Model of Resource Efficiency, the company has demonstrated that sustainability metrics, if quantifiable and objective in nature, can be applied to mainstream equity portfolios to generate alpha.

Nikko AM
With US$219.2 billion under management, Nikko AM is one of Asia’s largest asset managers, providing high-conviction, active fund management across a range of equity, fixed income, multi-asset, and alternative strategies. In addition, its complementary range of passive strategies covers more than 20 indices and includes some of Asia’s leading exchange-traded funds (ETFs).

Role
SHP acted as exclusive financial adviser to Osmosis.

BlueCove

Transaction Summary
On 28 February, BlueCove Limited (“BlueCove”), the market-leading scientific fixed income manager, and Ares Management Corporation (“Ares”), the global alternative investment manager, announced that they have reached an agreement whereby Ares will acquire a minority equity stake in BlueCove with the option to acquire control of the business over a multi-year term. Terms of the transaction were not disclosed.

BlueCove has been purpose-built to play a leading role in the development of scientific fixed income asset management as a mainstream investment style. Scientific investing provides investors with both a complement and an alternative to the traditional, active discretionary investment process that has dominated active fixed income management for decades. Potential advantages for investors include an increased probability of repeatable outcomes, a technology-enabled increase in investment breadth, increased investment process transparency, excess returns that tend to exhibit a low correlation with those of discretionary managers, and a medium-term opportunity to harvest natural alpha from an underrepresented investment methodology. The partnership with Ares is expected to accelerate BlueCove’s growth and further cement its position at the forefront of the scientific fixed income space.

BlueCove
BlueCove is an institutional scientific fixed income asset manager with $1.8 billion of assets under management, as of February 28, 2023. It brings together market-leading fixed income industry investment, engineering, and business infrastructure professionals, with the specific purpose of researching and developing state-of-the-art scientific investment processes applicable to fixed income investment management. The firm was founded in 2018 by Hugh Willis and Alex Khein, previously Co-founder and CEO/Executive Chairman, and COO/CEO respectively of BlueBay Asset Management.

Ares Management
Ares Management Corporation is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate, and infrastructure asset classes. Founded in 1997, Ares has grown rapidly to reach $352bn of assets under management and over 2,550 employees across North America, Europe, Asia Pacific, and the Middle East. Ares is listed on the New York stock exchange under the symbol ARES.

Role
SHP acted as financial adviser to BlueCove

London & Capital

Transaction Summary
On 9 June 2022, Lovell Minnick Partners (“LMP”), a private equity firm focused on investments in financial services, financial technology, and related business services announced it had agreed to acquire a majority stake in London & Capital ("L&C"), the independently owned, London-based, wealth and asset manager with £4.1 billion in assets under management. As part of the transaction, L&C’s management team will continue to lead the business and will retain a significant minority stake. Financial terms were not disclosed.

L&C has been at the forefront of London’s wealth management sector for over 30 years, focusing on serving domestic and international high-net-worth and ultra-high-net-worth individuals, including many who have US connections, and institutions. The transaction will allow L&C to expand its solutions, scale internationally and invest in technology to further accelerate its growth trajectory. L&C has grown its AUM, revenues, and profits strongly in the last five years, extended its services into Europe to support clients post-Brexit, and developed multiple new services and technology solutions for its expanding client base.

London & Capital
Established in 1986, L&C is a specialist wealth and asset manager working with over 800 private and institutional clients. The Company supports its clients in developing financial strategies, investing with a focus on capital preservation and providing clear, concise global reporting. Many of L&C’s private clients are international, with finances, business interests, property, and family across multiple countries. The Company is a recognised market leader in advising US connected persons.

L&C’s institutional business offers a full end-to-end asset management proposition for its predominantly insurance company clients. From identifying investment objectives and risk appetite to portfolio construction and management, to ongoing monitoring and reporting. The Company’s deep expertise in insurance ensures portfolios are tailored also to meet the business requirements of its clients.

With offices in London, Barcelona and Barbados, and over 120 employees (50 of which are dedicated investment professionals and financial advisers), L&C is one of the few UK based wealth and asset managers which are UK (FCA), US (SEC) and EU (CNMV) regulated.

Lovell Minnick Partners
LMP is a private equity firm focused on investments in financial services, financial technology and related business services. Since inception in 1999, LMP have raised $3.5 billion of committed capital from leading institutional investors, completing over 50 portfolio company investments and a further 140 follow-on acquisitions.

Role
SHP acted as financial adviser to L&C.

Titan Wealth Holdings Limited

Transaction Summary
On 22 February 2022, Titan Wealth Holdings Limited (“Titan Wealth”) announced the acquisition of Cardale Asset Management Limited ("Cardale") as part of its ongoing strategy to bring a new proposition to the wealth and asset management sector.

Based in Harrogate, North Yorkshire, Cardale is an independent investment management business providing portfolio management, stockbroking and financial planning services to private clients.

Cardale will form a key part of Titan Wealth’s central investment proposition and enhance the Group’s distribution capabilities, providing Titan Wealth with a significant presence in the North of England. The acquisition of Cardale is anticipated to double Titan Wealth’s revenues and will also support its continued growth towards meeting its target of £20-30bn in AUM within four years of launch.

Cardale will operate under the Titan Wealth holding group and retain its existing model, leadership and brand.

Titan Wealth
Titan Wealth launched in June 2021 with the acquisition of two leading investment and wealth management businesses – GPP and Tavistock Wealth Limited. The group is an active acquirer of asset managers in the UK and provides a broad range of services to investment managers and IFAs.

Titan Wealth provides execution, custody, clearing and wealth management services to small and medium sized broker dealers, proprietary traders, intermediaries, family offices and wealth managers. As a multi asset manager, Titan Wealth also provides independent financial solutions to financial advisors, family offices, retail clients and institutions via a network of trusted intermediaries.

The group is supported by capital partners Ares Management, Maven Capital Partners and Hambleden Capital.

Cardale
Cardale is an independent investment management business, with turnover of £16m and EBITDA of £9.4m (for FY 2021), and provides portfolio management, stockbroking and financial planning services to private clients.

Since its launch in 2003 Cardale has seen impressive and sustained growth, reaching £1.5bn in assets under management (AUM) which it manages for approximately 3,500 clients, and employing circa 70 financial and investment professionals.

Role
SHP acted as financial adviser to Titan Wealth Holdings Limited on the acquisition of Cardale Asset Management Limited.

T. Bailey Holdings Limited

Transaction Summary
On 13 January 2022, T. Bailey Holdings Limited announced that Waystone has agreed to acquire T. Bailey Fund Services ("TBFS"). TBFS is a fully-hosted ACD and fund administration service provider to the fund management industry.

As part of Waystone, the TBFS team will focus on the continuity of its existing offering, whilst also being able to service its delegated fund managers with a wider pool of resources and expertise.

Waystone’s knowledge and resources will provide TBFS with enhanced compliance systems and resources to further support its oversight of current and emerging regulatory issues and developments, with its delegated fund managers gaining access to a multi-jurisdictional offering.

Together, Waystone and TBFS will have ACD-related assets under oversight in excess of £10bn.

TBFS
TBFS is an independent full-service host ACD and fund administration service provider to the fund management industry, with over £9bn assets under administration. It has over 15 years’ experience in running and administering funds and offers a premium service through a dedicated team of industry professionals offering expertise and advice across all areas of fund administration. It has an established reputation as a trusted supplier, using market-leading technology and business automation processes to deliver tailored solutions. From seamless migration of funds to full compliance and operational oversight, TBFS works collaboratively with fund managers to promote joint innovation and successful long-term partnerships.

T. Bailey Holdings Limited
T. Bailey Holdings Limited is the holding company of the two trading subsidiaries TBFS and T. Bailey Asset Management Limited.

Waystone
Waystone is a leading provider of institutional governance, risk and compliance services to the asset management industry. Partnering with institutional investors, investment funds and asset managers Waystone builds, supports and protects investment structures and strategies worldwide. With over 20 years’ experience and a comprehensive range of specialist services to its name, Waystone is now supporting asset managers with more than US$1Tn in AUM globally.

Role
SHP acted as financial adviser to T. Bailey Holdings Limited on the sale of TBFS to Waystone.

T. Bailey Holdings Limited

Transaction Summary
On 13 January 2022, T. Bailey Holdings Limited announced that Waystone has agreed to acquire T. Bailey Fund Services ("TBFS"). TBFS is a fully-hosted ACD and fund administration service provider to the fund management industry.

As part of Waystone, the TBFS team will focus on the continuity of its existing offering, whilst also being able to service its delegated fund managers with a wider pool of resources and expertise.

Waystone’s knowledge and resources will provide TBFS with enhanced compliance systems and resources to further support its oversight of current and emerging regulatory issues and developments, with its delegated fund managers gaining access to a multi-jurisdictional offering.

Together, Waystone and TBFS will have ACD-related assets under oversight in excess of £10bn.

TBFS
TBFS is an independent full-service host ACD and fund administration service provider to the fund management industry, with over £9bn assets under administration. It has over 15 years’ experience in running and administering funds and offers a premium service through a dedicated team of industry professionals offering expertise and advice across all areas of fund administration. It has an established reputation as a trusted supplier, using market-leading technology and business automation processes to deliver tailored solutions. From seamless migration of funds to full compliance and operational oversight, TBFS works collaboratively with fund managers to promote joint innovation and successful long-term partnerships.

T. Bailey Holdings Limited
T. Bailey Holdings Limited is the holding company of the two trading subsidiaries TBFS and T. Bailey Asset Management Limited.

Waystone
Waystone is a leading provider of institutional governance, risk and compliance services to the asset management industry. Partnering with institutional investors, investment funds and asset managers Waystone builds, supports and protects investment structures and strategies worldwide. With over 20 years’ experience and a comprehensive range of specialist services to its name, Waystone is now supporting asset managers with more than US$1Tn in AUM globally.

Role
SHP acted as financial adviser to T. Bailey Holdings Limited on the sale of TBFS to Waystone.

Punter Southall Wealth

Transaction Summary
On 14 December 2021, Canaccord Genuity Group Inc. (“Canaccord”) announced that through its wealth management business in the UK and Crown Dependencies (Canaccord Genuity Wealth Management UK, “CGWM UK”) it had agreed to acquire Punter Southall Wealth Limited (“PSW”) for total consideration of (i) £164m of cash, plus (ii) an equity interest in CGWM UK (amount undisclosed), and (iii) approximately £6m of retention and incentive awards comprising cash and equity in CGWM UK for certain key employees of PSW.

The acquisition brings to CGWM UK a leading vertically integrated wealth manager in PSW, with a broad range of advice and wealth management solutions to high net-worth individuals, including bespoke portfolios, managed portfolio services and a multi-asset fund range, complemented by a strong intermediary distribution channel. On completion, PSW’s core client proposition will remain largely unchanged, and the existing direct relationships between portfolio managers, financial planners and their clients will not be affected. With a strong track record of successfully integrating businesses and clients, CGWM UK expects to achieve tangible revenue and cost synergies with a clear pathway to continued growth.

Punter Southall Wealth
Punter Southall Wealth Limited is a leading vertically integrated wealth manager with approximately £5.0 billion in client assets, which currently operates as a subsidiary of Punter Southall Group, founded in 1988. With offices in London, Guildford, Birmingham, Newcastle and Edinburgh, the business offers clear, expert, and timely financial planning, wealth management, investment management and retirement planning services to high net-worth individuals.

CGWM UK
CGWM UK is a subsidiary of Canaccord Genuity Group Inc., the Toronto listed full-service financial services firm founded in 1950. The business provides comprehensive wealth management solutions and brokerage services to individual investors, private clients, charities and intermediaries through a full suite of services tailored to the needs of clients in each of its markets (UK and the Crown Dependencies).

Role
SHP acted as financial adviser to Punter Southall Group.

Majedie

Transaction Summary
On 7 December 2021, Liontrust announced that it had agreed to acquire Majedie Asset Management Limited ("Majedie") for a total consideration of up to £120m.

The acquisition brings to Liontrust the highly rated and experienced institutional fund management team at Majedie. On completion, all of the investment team members will join Liontrust as the Global Fundamental Team and remain unchanged under James de Uphaugh, who will become Head of the Liontrust Global Fundamental Team. Rob Harris, Chief Executive Officer of Majedie, will join Liontrust as Head of Global Institutional Business. The acquisition will significantly boost Liontrust’s existing institutional proposition, and allow Liontrust to accelerate Majedie’s growth through its sales and distribution team.

Majedie
Majedie is a specialist, active equities boutique with a leading UK equities heritage and outstanding long-term investment track record. The company has AuMA of £5.8bn across a range of UK and international equity strategies with longstanding incorporation of Responsible Capitalism comprising an evidence-based ESG research and integration process. Founded by the Mercury Asset Management UK Alpha Team in 2002, they have established top decile UK equities capabilities and a top quartile track record in US and Global equities. Majedie has a leading reputation among consultants, institutional and intermediated retail clients for its long-term investment record and high-quality service. It has a strong client base, diversified by type and distribution channel.

Liontrust
Launched in 1995, Liontrust is a specialist fund management group which listed on the London Stock Exchange in 1999 and is in the FTSE250 index with a market capitalisation of £1.4bn and £36.5bn in AuMA.

Role
SHP acted as exclusive financial adviser to Majedie.

Civitas Investment Management

Transaction Summary
On 8 November 2021, Civitas Investment Management Limited (“CIM”) announced that CK Asset Holdings Limited ("CK Asset") has become a shareholder in the CIM group. The founders of CIM will continue to be substantial long-term shareholders in the company and they have been joined since inception by a growing team of sector and financial professionals who have the potential to share in the Company’s long-term success via various capital incentive and participation plans.

Civitas Investment Management
CIM is a leading European impact investment manager based in London that is dedicated to achieving long-term sustainable returns for its investors by the acquisition and management of assets that deliver positive social and environmental outcomes. CIM has committed capital of c. £2.5bn.

CK Asset Holdings
CK Asset is a leading multinational corporation that has diverse capabilities with activities encompassing property development and investment, hotel and serviced suite operation, property and project management, aircraft leasing, pub operation, investment in infrastructure and utility asset operations.

Role
SHP acted as financial adviser to Civitas Investment Management.

Alvarium

Transaction Summary
On 20 September 2021, Alvarium Investments announced its intention to merge with Tiedemann Group, and to combine with Cartesian Growth Corporation, a special purpose acquisition company, to form a newly public vehicle – Alvarium Tiedemann Holdings (“Alvarium Tiedemann” or “AlTi”) – with an expected pro forma equity value of circa $1.4bn.

Alvarium Tiedemann is expected to be a leading independent, global investment firm with $54bn in AUM/A providing institutions, entrepreneurs, families and emerging next-generation leaders with fiduciary capabilities as well as investment strategies and services. The constituent firms’ expansive international network across four continents, diverse expertise and access to private and institutional capital is expected to provide a compelling portfolio of services. This comprehensive offering will be underscored by a commitment to impact or values-aligned investing and offer trusted advisory services to family-owned businesses as well as real asset direct and co-investment opportunities. Following the closing of the transaction, which is anticipated in Q1 2022, Alvarium Tiedemann’s common stock will become publicly traded on Nasdaq under the ticker symbol “GLBL”. Alvarium Tiedemann will be headquartered in New York.

Alvarium
Alvarium is an independent investment firm, global multi-family office and merchant banking boutique providing tailored solutions for families, foundations and institutions across the Americas, Europe and Asia-Pacific. Alvarium offers direct and co-investment opportunities from specialist alternative managers and real asset operating partners in real estate and the innovation economy. Alvarium has over 220 employees and 28 Partners in 14 locations in 10 countries, advising on circa $22 billion of assets across four service lines — investment advisory, co-investments, merchant banking and family office services.

Tiedemann Group
Tiedemann Group comprises Tiedemann Advisors and TIG Advisors.

Tiedemann Advisors is an independent investment and wealth advisor for high-net-worth individuals, family offices, trusts, foundations and endowments. Founded in 1999, Tiedemann Advisors has nine offices across the US and provides trust services through Tiedemann Trust Company, a state-chartered trust company located in Wilmington, Delaware. Tiedemann's international operations, Tiedemann Constantia, is headquartered in Zurich Switzerland. Together, Tiedemann Constantia, Tiedemann Advisors and Tiedemann Trust Company currently oversee $25 billion in assets under advisement.

TIG Advisors is a New York-based alternative asset manager with approximately $7 billion in assets under management (inclusive of assets under management of its affiliated managers), focused on making growth equity investments in global alternative specialists. TIG has a strong track record of identifying uncorrelated investment opportunities in both public and private markets, utilizing its long-standing operating platform to assist managers with growth. The firm’s alpha driven investment strategies align with the needs of a diverse global investor base.

Cartesian Growth Corporation
Cartesian Growth Corporation (“CGC”) is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, or reorganization or engaging in any other similar business combination with one or more businesses or entities. CGC is an affiliate of Cartesian Capital Group, LLC, a global private equity firm and registered investment adviser headquartered in New York City, New York. CGC’s strategy is to identify and combine with an established high-growth company that can benefit from both a constructive combination and continued value-creation.

Role
SHP acted as financial adviser to Alvarium.

Vontobel Asset Management

Transaction Summary
On 30 June 2021, Vontobel announced the accelerated acquisition of the remaining 40% stake in TwentyFour Asset Management LLP (“TwentyFour”), a CHF 24.2bn specialist fixed income boutique based in London.

After acquiring a 60% stake in TwentyFour in 2015, Vontobel was committed to acquire the remaining 40% in two equal tranches in 2021 and 2023. TwentyFour’s Partners and Vontobel have now agreed that Vontobel will acquire the remaining 40% in one tranche on 30 June 2021.

TwentyFour will remain operationally independent and will continue to service its clients from offices in London and New York, as well as via Vontobel’s international network. Since the acquisition of the majority stake of 60% in 2015, all TwentyFour Partners have continued to play an active role in the company’s day-to-day operations. The partners and portfolio management teams remain committed to serving the interests of clients and ensuring the investment boutique’s ongoing success, hence will continue to serve as a driver of growth for Vontobel.

Since Vontobel acquired a stake in the business (2015), TwentyFour’s advised client assets have increased from CHF 6.4bn to CHF 24.2bn (as of December 31, 2020).

The acquisition will be fully financed out of Vontobel’s own funds. Part of the transaction will be paid in the form of Vontobel shares, further underscoring the commitment of TwentyFour’s Partners.

Vontobel Asset Management
Vontobel Asset Management is an active global multi-boutique asset manager with specialist investment expertise in Quality Growth and Sustainable Equities, Multi Asset Class, Fixed Income and Alternatives. Each boutique is run as an independent centre of expertise. Vontobel has a successful innovative product range and is strongly committed to further develop and expand its Fixed Income boutique on a global scale and strengthen its access to the UK market.

TwentyFour Asset Management
TwentyFour Asset Management is a London based independent fixed income specialist founded in 2008 as a partnership with leading capabilities in asset backed securities and unconstrained fixed income. The firm has a diverse client base in the UK, spanning wholesale as well as institutional clients, which it services via segregated mandates and a range of pooled investment vehicles. The highly transparent products benefit from a rigorous detail-oriented investment approach, in order to achieve superior risk-adjusted returns whilst retaining a strong focus on capital preservation.

Role
SHP acted as financial adviser to Vontobel both on the acquisition of the initial 60% and the accelerated acquisition of the remaining 40%.

LCM Partners

Transaction Summary
On 23 August 2021, LCM Partners, one of Europe’s leading alternatives investment management firms, announced that Brookfield Asset Management, the global alternative asset manager had acquired a further 24.9% interest in the business through increasing its stake in LC Financial Holdings (the “Group”) which also owns the Link Financial pan-European loan servicing platform.

This incremental investment, increasing Brookfield’s minority interest to 49.9%, follows an initial purchase of 25% in the Group three years previously, in March 2018, further strengthening the strategic partnership between the two firms.

LCM Partners
LCM is a leading European alternatives asset manager based in London, which specialises in buying whole loan consumer and SME credit portfolios. The firm offers unrivalled expertise in investing in and managing credit portfolios across performing, re-scheduled and non-performing loans.

Link Financial Group
Link provides European financial institutions, investors and other credit providers with loan servicing, debt purchase and standby servicing solutions. Link manages approximately 4.5 million customer accounts and €50 billion of corresponding assets and employs some 950 people across 11 European offices.

Link was one of the founding members of the modern credit and collections industry in Europe and has been at the forefront of innovation ever since. Link’s proprietary operational platform allows its business to service a range of asset types from within and outside the financial services industry.

Brookfield
Brookfield Asset Management is a leading global alternative asset manager with over US$625 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit. Brookfield offers a range of alternative investment products to investors around the world—including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. Brookfield Asset Management is listed on the New York and Toronto stock exchanges under the symbols BAM and BAM.A, respectively.

Role
SHP acted as financial adviser to LC Financial Holdings, the holding company for LCM and its sister business Link Financial.

Long Harbour

Transaction Summary
On 3 August 2021, Long Harbour announced that it had brought together PSP Investments and Cadillac Fairview (“CF”), the real estate arm of the Ontario Teachers’ Pension Plan, to create a £1.5 billion Build to Rent platform with significant fresh capital for acquisitions. The joint venture will incorporate Way of Life, Long Harbour’s residential management business, to combine investment, development, and operations capability within a single market-leading new platform. The Long Harbour Multi Family (LHMF) joint venture was established in 2019 between Long Harbour and PSP Investments, one of Canada’s largest pension investment managers, with £500 million of initial capital which is now almost fully committed. As part of the transaction, CF also made a minority investment into Long Harbour’s operating platform.

Long Harbour
Long Harbour is a specialist real estate investment, development and management firm. Uniting market leading expertise across a range of assets classes, Long Harbour seeks to generate attractive returns for investors whilst seeking to create buildings of lasting value through thoughtful design and exemplary stewardship. Long Harbour has a proven track record of AUM growth across its three investment programmes; Secured Income, Multi-Family and Opportunistic. Long Harbour’s approach to asset management is to make a positive impact in the communities in which it operates, whilst delivering long-term value to its investors through platform based, thematic strategies. Long Harbour currently employs over 180 staff across its offices in the UK, Europe, and the US.

Cadillac Fairview
Cadillac Fairview is the real estate arm of the Ontario Teachers’ Pension Plan, and is a globally focused owner, operator, investor, and developer of best-in-class real estate across office, residential, life sciences, industrial, retail and mixed-use asset classes. CF manages $35 billion of assets across the Americas and the United Kingdom, with further expansion planned into Europe and Asia.

PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with $204.5 billion of net assets under management as of March 31, 2021. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force.

Role
SHP acted as financial adviser to Long Harbour.

Pendal

Transaction Summary
On 10 May 2021, Pendal Group Limited (Pendal), an Australian-listed (ASX:PDL) and global active investment manager, announced that it has entered into an agreement to acquire 100% of Thompson, Siegel & Walmsley LLC (TSW), a highly-regarded US-based value-oriented investment manager, from BrightSphere Investment Group Inc (75.1%) and TSW management (24.9%) for US$320m

The acquisition price represents 7.6x 1H21 EBITDA (annualised, excluding synergies) and is expected to be double digit EPS accretive in the first full year post completion.

The acquisition will deliver scale and diversification benefits for Pendal across investment capabilities, asset classes, geographies and distribution channels. TSW is highly complementary to Pendal’s business, with almost no overlap of investment strategies and clients.

Following the transaction, Pendal’s AUM will increase by 30% to A$132bn, of which 43% is in global and international equities and a further 33% in regional equities (Australian, Europe/UK, US and Asia/EM). The US will represent the largest region (44%) of the combined AUM followed by Australia (35%) and Europe/UK/Asia (21%).

Pendal
Pendal is an independent global investment manager based in Australia and managing A$102bn in AUM (prior to the transaction) through J O Hambro UK, Europe & Asia; JOHCM USA; Pendal Australia and Regnan.

Listed on the Australian Stock Exchange since 2007 with A$2.7bn market cap, it operates a multi-boutique style business across a global marketplace with offices in Sydney, Melbourne, London, Prague, Singapore, New York, Boston and Berwyn.

TSW
Established in 1969 and headquartered in Richmond, Virginia, TSW operates primarily in long-only equity (US and International) with US$24bn of AUM. TSW has a solid base of institutional and sub-advisory relationships with solid flow momentum and high performing investment strategies.

Role
SHP conducted an extensive search mandate for Pendal following which SHP acted as financial adviser on its acquisition of TSW.

Tufton Oceanic

Transaction Summary
On 5 January 2021, Tufton Oceanic announced a corporate reorganisation designed to reflect the evolution of its businesses and to realign its structure, ownership and management to provide the appropriate incentives for its continued success. In pursuit of these objectives, the business is to be split into Tufton Investment Management (“Tufton”) which encompass the existing asset backed investment business and Oceanic Investment Management which encompass the Oceanic Hedge Fund, together with its systematic trading platform and equity accounts. Each business will have separate ownership, independent Boards, management and staff.

As part of the structural change and the carefully planned development of leadership strategy, Tufton has also concluded a reorganisation of its ownership, with a European family office acquiring the shares of a number of Tufton’s long standing financial shareholders. The transaction has enabled the Tufton management team to acquire a substantially increased stake in the business. In addition, the new financial partner plans to support the growth prospects of the business by investing in future funds and investments managed or arranged by Tufton, including future capital raises by Tufton Oceanic Assets Ltd (SHIP.L).

Tufton Investment Management ("Tufton")
Tufton is a leading investment manager focused on the shipping industry, with $1.1bn in shipping assets across a number of funds including Tufton Oceanic Assets Limited which, as of 30 September 2020, has an NAV of $243m.

Role
SHP acted as financial adviser to Tufton Oceanic.

Canaccord Genuity

Transaction Summary
On 3 February 2021, Canaccord Genuity Group Inc. (TSX:CF), (“Canaccord”) announced that HPS Investment Partners, LLC ("HPS") has agreed to invest in Canaccord's UK wealth management division and acquire £125m Convertible Preferred Shares to be issued by Canaccord Genuity Wealth Group Holdings (Jersey) Limited ("CGWM UK").

The Convertible Preferred Shares represent (on an as converted basis) a 21.93% equity interest in CGWM UK. Cumulative dividends are payable by CGWM UK on the Convertible Preferred Shares at the greater of an annual 7.5% coupon and the proportionate share that such shares would receive, on an as converted basis, in respect of dividends paid to Canaccord by CGWM UK.

The net cash proceeds from the sale of the Convertible Preferred Shares of approximately £120 million will be distributed by CGWM UK to Canaccord and used by Canaccord for corporate purposes to optimize shareholder value.

CGWM UK
CGWM UK is the parent company of Canaccord's wealth management operating subsidiaries in the UK, the Channel Islands and in the Isle of Man. CGWM UK offers a comprehensive range of private client investment management, wealth planning and fund management services. CGWM UK was established following the acquisition of Collins Stewart Hawkpoint plc in 2012. CGWM UK had £29.7bn of AUM as at December 2020.

Canaccord Genuity Group
Canaccord is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Canaccord has wealth management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. Canaccord's international capital markets division operates in North America, UK & Europe, Asia, Australia and the Middle East.

HPS Investment Partners
HPS is a leading global investment firm that seeks to provide creative capital solutions and generate attractive risk-adjusted returns for its clients. HPS has over US$68 billion of assets under management invested in both large and small companies across a variety of industries and sectors.

EQT Credit

Transaction Summary
EQT AB ("EQT") announced on 18 June 2020 that following the review of future strategic options for the business segment EQT Credit, a definitive agreement has been reached to sell the EQT Credit business to Bridgepoint (the “Transaction”) for an undisclosed sum. Despite the difficult market environment, there was considerable interest in the business. The sale ensures that EQT Credit gets a new owner able to support its growth prospects and permits EQT to further focus its efforts on building scalable value-add strategies focused on active ownership. The acquisition will be combined with Bridgepoint’s existing credit business, with the enlarged group having total assets under management ("AUM") of c.€7bn.

EQT Credit
Established in 2008, EQT Credit is the smallest of EQT’s three business segments with approximately €4bn of AUM as of 31 December 2019 in three complementary strategies: Special Situations, Direct Lending and Senior Debt. This represented around ten percent of EQT’s total AUM. EQT Credit business segment had total revenues of €35.8m and a gross segment result of €12.3m in the financial year ended 31 December 2019. The business segment employs approximately 40 professionals, including five Partners. Since inception, EQT Credit has raised over €7bn of capital and invested in over 180 companies.

EQT
EQT is a differentiated global investment organization with a 25-year track-record of consistent investment performance across multiple geographies, sectors, and strategies. EQT has raised more than €62bn since inception and currently has around €40bn in AUM across 19 active funds within three business segments – Private Capital, Real Assets and Credit. With its roots in the Wallenberg family's entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does. EQT has offices in 17 countries across Europe, Asia Pacific and North America with more than 700 employees.

Bridgepoint
Bridgepoint is a major international alternative asset fund management group, focused on the Middle Market providing private equity and private debt lending solutions to the middle market. Bridgepoint focuses on acquiring or investing in businesses with strong market positions and earnings growth potential where significant additional value can be created through expansion and operational improvement. With over €19bn of AUM, Bridgepoint invests internationally in six principal sectors - business services, consumer, financial services, healthcare, medtech & pharma, manufacturing & industrials and digital, technology & media - via a platform of offices in Europe, US and China.

Role
SHP acted as financial adviser to EQT Credit on its sale to Bridgepoint.

Sandaire

Transaction Summary
On 18 September 2020, Schroders plc (“Schroders”) announced that it has reached an agreement to acquire London-based family office Sandaire, as part of the group’s overall strategy to grow its wealth management business. This provides an exceptional opportunity to grow Cazenove Capital’s leading position in the UK Ultra High Net Worth segment and to offer a unique global service to multi-jurisdictional families and their advisers through our wealth management businesses in the Channel Islands, Switzerland and Asia. This will combine the boutique-style service of Sandaire with the depth of international investment expertise and financial stability and strength of Schroders, a FTSE 100 company still largely owned by the family who founded it over two centuries ago.

Sandaire will merge with Schroders’ UK Wealth Management subsidiary Cazenove Capital, one of the UK’s leading advisers to families of significant wealth, family offices and endowments.

Sandaire
The Scott family founded Sandaire in 1996 when Provincial Insurance, the family business originally founded by Sir James William Scott in 1903, was sold. Sandaire was established initially to preserve and grow the wealth of the family and, under the leadership of its founder, Alex Scott, grew to provide advice to other multi-generational families of significant wealth. At 30 June 2020, Sandaire had £2.1 billion of assets under management.

Cazenove Capital
Part of Schroders, Cazenove Capital provides a wide range of wealth management services, which focus on preserving and growing clients’ wealth. The strategic ambition is to provide wealth management services across the wealth spectrum (bespoke discretionary and advisory investment services, wealth planning and banking) in the UK for private clients, family offices and charities and for HNWI in the Channel Islands.
In 2013, Cazenove Capital came together with the Wealth Management arm of Schroders, two businesses with histories that stretch back over 200 years.

Schroders plc
Schroders is a publicly-listed global asset and wealth manager established in 1804 and managed £525.8bn of assets as at June 2020. Schroders employs over 4,700 FTE and operates on 35 locations across Europe, the Americas, Asia, the Middle East and Africa. Over 47% of capital is controlled by the founding Schroder family.

Role
SHP acted as financial adviser to Applerigg on the sale of Sandaire to Schroders.

Sovereign Capital Partners

Transaction Summary
On 1 June 2020, Sovereign Capital Partners (“Sovereign”) announced the management buy-out of ACOLIN Services, a provider of regulatory and cross-border fund distribution services.

With Sovereign’s support, ACOLIN will work further towards its goal of becoming a leading one-stop-shop service provider along the entire investment funds distribution value chain. Its growth plans include the acquisition of specialized firms to enhance and widen the scope of its services. The company’s ambitious geographical expansion plans target additional European countries as well as Asia, Middle East and the Americas.

ACOLIN
Established in 2006, ACOLIN helps asset management businesses to access new markets, meet regulatory obligations and grow AUM across multiple jurisdictions. The business represents investment funds across European markets, ensuring that all regulatory obligations are rigorously fulfilled and that fund documents are available to investors and to the relevant authorities. The business currently provides services to over 600 asset managers – c.14% of those active in Europe – representing some 1,800 investment funds across 30 countries.

In addition, ACOLIN’s proprietary network facilitates clients’ access to a wide array of fund distribution channels across Europe, overseeing data and commission management for over €20bn of AUM together with ongoing monitoring and due diligence of distribution partners.

The business operates throughout Europe from nine locations including Zurich, Geneva, London, Frankfurt and Belgrade, employing around 85 staff.

Sovereign Capital Partners
Sovereign is a UK private equity fund specialized in buy and build strategies. Sovereign have partnered over 50 businesses to deliver more than 250 follow-on Buy & Build transactions.

Role
SHP acted as financial adviser to Sovereign.

Kestrel Partners

Transaction Summary
On 10 October 2019, Merian Global Investors (“Merian”) announced that it had signed an agreement to acquire the Kestrel Investment Partners’ (“Kestrel”) multi-asset business. As part of the deal, which is expected to complete in December 2019 (subject to regulatory and shareholder approval), the entire Kestrel multi-asset team will join Merian, including lead fund manager John Ricciardi, who has over three decades of multi-asset investing experience, including six years as global head of asset allocation for Alliance Bernstein.

Management of the Kestrel Global Portfolio will transfer to Merian as part of the transaction, as will the associated intellectual property. The fund aims to achieve capital growth by directly investing in a diversified portfolio of asset classes across global markets, using a repeatable process of quantitative macro modelling, combined with fund manager expertise. The Kestrel Global Portfolio has delivered a compound annual return of 6.2%, compared to 2.4% for the peer index since inception in April 2012.

The acquisition is Merian’s first deal since it completed a management buyout in June 2018. The deal is aligned with Merian’s strategy to grow and diversify its investment capabilities. In addition to growing its existing fund, the new multi-asset team will be launching a long/short strategy in early 2020, subject to regulatory approval.

Role
SHP acted as financial adviser to Kestrel Partners.

LJ Partnership

Transaction Summary
On 2 July 2018, LJ Partnership (“LJ”), a London-headquartered private wealth and real estate partnership, announced the sale of a 40% equity stake to Dilmun, a New York-based family office originally from the Gulf. Terms were not disclosed.

Following the transaction, LJ has a global shareholder base, spanning the Far East, the Gulf and the Americas, and is committed to investing additional capital to fund expansion into new geographies across the US, Europe and Asia Pacific, and new investment strategies including M&A, private equity, technology and advisory, supplementing its existing position in direct real estate and public markets. LJ expects to maintain its active pace of investment and drive further industry consolidation. LJ also announced its intention to rebrand as Alvarium Investments in 2019.

LJ Partnership
Established in 2009, LJ Partnership advises clients on financial asset and real estate allocations in public and private markets. Bringing together experienced professional investors from multiple disciplines, it serves the interests of its clients and partners, delivering investment and administration services as well as acting as both a trusted advisor and principal co-investor. The Group employs 200 staff at eight offices across Europe, US and Asia providing investment and administrative services through three key divisions: (1) direct investment; (2) investment management; and (3) trust & administration including private office. Offices are located in London, New York, Miami, Hong Kong, New Zealand, Geneva, Lisbon and the Isle of Man. The firm supervises $15bn in assets in Europe, Asia and the Americas. To date, the firm has invested over $3bn of equity, primarily in real estate, and its realised track record shows a net IRR of 25%.

Role
SHP acted as financial adviser to LJ Partnership.

Miton Group

Transaction Summary
Coming soon

Thesis Asset Management

Transaction Summary
On 29 April 2019, Sanlam UK, part of the international financial services group Sanlam Limited, announced the acquisition of the private client and financial planning businesses of Thesis Asset Management (“Thesis”).

Thesis has a significant presence in the South of England, with £1.2bn under management and a team of 30 investment professionals and support colleagues.

As part of the deal, Sanlam will acquire Thesis’ private client business, distribution network, direct support teams and Pallant, its financial planning business. Thesis’ offices in Guilford, Lymington, Chichester and Brighton will become part of Sanlam’s regional wealth management network.
The deal will take Sanlam’s UK private client discretionary assets under management to £4.2 billion.

Following regulatory approval, Thesis will operate under the Sanlam UK brand.

Sanlam
Sanlam Limited is an international financial services group with a heritage dating back to 1918. Globally, the business employs over 17,000 people and manages $70 billion of client assets. In the UK it has a network of 13 regional offices and employs 450 professionals.

Role
SHP acted as financial adviser to the shareholders of Thesis.

Stonehage Fleming

Transaction Summary
On 21 December 2018, Caledonia Investments plc (“Caledonia”) announced that it had agreed to acquire a significant minority stake in Stonehage Fleming, one of the world’s leading international family offices.

Caledonia’s investment in Stonehage Fleming will represent approximately 36.7% of the firm’s equity, with management and staff remaining the largest shareholders with approximately 50%. This agreement is consistent with Caledonia’s strategy of backing high-quality management teams with drive and the proven ability to generate exceptional long-term shareholder value, and to invest for the long term.

As a strategic minority investor Caledonia will support the Group in realising the next stage of its ambition. Caledonia will provide additional resources and expertise to accelerate the growth of the business both organically and through acquisition, enhancing Stonehage Fleming’s leading position in the family office and ultra-high-net-worth (UHNW) market.

Completion is expected early in 2019 following formal shareholder and regulatory approvals.

Stonehage Fleming
Stonehage Fleming is one of the world’s leading independently owned family offices and the largest in Europe, Middle East and Africa (EMEA), as measured by its breadth of services, geographic reach and by assets under management, advice and administration. Stonehage Fleming provides a range of services from long-term strategic planning and investments to day-to-day advice and administration to well over 250 substantial families of wealth. The Group advises on over £45bn of assets and includes an investment business with more than £9.9bn under management for families and charities. Stonehage Fleming is majority owned by management and staff. The Group employs over 540 people in 11 offices in eight geographies around the world.

Caledonia Investments plc
Caledonia is a self-managed investment trust company listed on the London Stock Exchange with net assets of £2.0bn as at 30 November 2018. The company maintains a concentrated portfolio of international quoted, unquoted and fund investments and has paid an increasing annual dividend for 51 years. In the unquoted arena, Caledonia typically seeks to invest £25m to £100m in private companies, either on a majority or minority basis, providing a meaningful presence and growth capital supporting double-digit operating margins. Its current unquoted portfolio includes Seven Investment Management, Deep Sea Electronics, Cobehold, Cooke Optics, Buzz Bingo, and Liberation Group.

Role
SHP acted as financial adviser to Stonehage Fleming.

Lothbury Investment Management Group Limited

Transaction Summary
On 12 July 2018, Nomura Real Estate Holdings Inc. (“NREHI”) announced that it had signed an agreement to acquire Lothbury Investment Management Limited (“LIM”).

Under the terms of the agreement, NREHI will acquire a majority interest of 75% in LIM, with the balance of 25% to remain in the ownership of the LIM management team.

The company will continue to operate under the Lothbury and LIM brand under the leadership of Simon Radford, Chief Executive. The LIM management team will remain responsible for the day-to-day operations of the business and retain full autonomy over its investment strategies.

The transaction, which is expected to close before the calendar year end, is subject to customary regulatory approvals and closing conditions. The financial terms of the transaction have not been disclosed.

Nomura Real Estate Holdings Inc. / Nomura Real Estate Group
NREHI, headquartered in Tokyo, Japan, is a leading real estate business group (total 25 subsidiaries with over 6,600 employees), listed on the Tokyo Stock Exchange since 2006.

NREHI, with its core company, Nomura Real Estate Development Co., Ltd. established in 1957, currently comprises of five main business units, Residential Development Business Unit, Leasing Business Unit, Investment Management Business Unit (Nomura Real Estate Asset Management Co., Ltd.), Property Brokerage & CRE Business Unit, and Property & Facility Management Business Unit.

Lothbury Investment Management Group Limited
LIM is an independent UK real estate investment manager with £2.1 billion assets under management, as at Q1 2018.

The firm has a total of 30 staff, based in its London headquarters and Dublin office, including its executive team who have worked together for almost 20 years.

LIM has over 110 institutional clients, including corporate and public sector pension funds, insurance companies, charities and private banks. LIM’s Core/Active strategy is at the heart of the firm’s investment approach and underpins its leading investment performance.

Lothbury Property Trust (LPT) is the flagship fund for LIM, providing investors with access to the UK property market. LPT holds £1.7 billion assets under management and is a balanced property unit trust providing exposure to the UK office, retail, industrial and ‘other’ sectors and is geographically spread across the UK.

Speirs & Jeffrey

Transaction Summary
On 14 June 2018, Rathbone Brothers plc (“Rathbones”) announced that it had signed an agreement to acquire Speirs & Jeffrey, Scotland’s largest independent wealth manager with a total of £6.7bn of client assets under management.

The acquisition of Speirs & Jeffrey will enable Rathbones to establish a much stronger presence in Scotland, with Glasgow becoming the Group's largest office after London following the transaction. The transaction will also further enhance Rathbones' position as one of the UK's largest wealth managers with pro-forma funds under management of £44.5bn. All of Speirs & Jeffrey’s current directors and investment managers will be joining Rathbones, and Speirs & Jeffrey CEO Russell Crichton will become the Head of Rathbones’ Scottish business.

Under the terms of the transaction, initial consideration of £104m is payable at completion structured as £79m in cash and £25m in new Rathbones shares. Contingent consideration of 0.6m new Rathbones shares (with a value of £15m) will also be payable conditional upon meeting certain administrative and procedural targets. Earn-out payments and incentivisation awards totalling up to a maximum of 5.2m Rathbones shares (with a value of c.£129m) are payable to shareholders and investment management and certain operational employees in the third and fourth years following completion. The valuation of all equity elements is based on the average share price over the ten day period prior to the announcement date.

The acquisition is subject to approval by the FCA and is expected to complete in the third quarter of 2018.

Speirs & Jeffrey
Speirs & Jeffrey is one of the UK’s leading investment management firms. The firm advises and manages UK and international equity and fixed interest investments on behalf of individuals, families, trusts, charities, pension funds and institutions. Founded in 1906, Speirs & Jeffrey has grown to become Scotland’s largest independent wealth manager, having always been wholly owned by its working directors.

Rathbone Brothers
Rathbones is an independently owned, FTSE 250 listed company employing over 1,100 people across 15 UK locations and Jersey. The company provides discretionary investment management solutions to private clients, professional intermediaries, charities and trustees. Ethical investment services are available through Rathbone Greenbank Investments, and Rathbones also offers banking, financial advisory, tax, legal and trust services.

Role
SHP acted as financial adviser to Speirs & Jeffrey.

Findlay Park Partners LLP

Transaction Summary
On 19 March 2018, Findlay Park and Brown Advisory announced that the Findlay Park Latin American Fund will merge into the newly created Brown Advisory Latin American Fund on 30 April 2018, subject to the approval of the fund’s shareholders. Rupert Brandt and Peter Cawston, managers of the Findlay Park Latin American Fund, will join Brown Advisory’s investment team in London on the same date to manage the new fund. There will be no changes to the team, philosophy or investment process of the fund, and to add further continuity to the transition, Alex Hammond-Chambers, Chairman of the Findlay Park Funds plc Board, will join the Brown Advisory Funds plc (UCITS) Board.

Findlay Park Latin American Fund
The Findlay Park Latin American Fund was launched in October 2006 and has ~$0.5bn in assets under management. The Fund has a strong investment track record, and won the 2018 Lipper Fund Award for the Best Fund Latin American Equity over 10 years. The managers seek long-term capital growth by investing in high-quality companies that they believe have very little or no balance sheet risk, are attractively valued, have very strong business franchises, generate plenty of cash flow and generally don’t need to raise capital in order to finance a 15% growth rate.

Brown Advisory
Brown Advisory is an independent investment firm serving private clients and institutions in 34 countries from eight offices globally and is responsible for approximately $60bn in client assets. Brown Advisory opened its London office in 2008 and has grown international client assets to over $6bn and the number of colleagues to 43 including an eight-person investment team.

Role
Spencer House Partners acted as sole financial adviser to Findlay Park Partners LLP.

LCM Partners

Transaction Summary
On 21 March 2018, LCM Partners, a European alternative credit investment manager, announced that it had entered into a strategic partnership with Brookfield Asset Management (“Brookfield”), a leading global alternative asset manager.

Under the terms of the agreement, Brookfield will acquire a 25% strategic interest in Link Financial Group, which comprises both LCM and its sister companies which operate a pan-European loan servicing platform under the Link Financial brand, with an option to acquire another 24.9% interest over time.

Link Financial Group will continue to operate independently under the leadership of the existing management team who remain focussed on delivering excellent investment performance and best-in-class loan servicing for its clients.

LCM Partners
LCM is a leading European alternatives asset manager based in London, which specialises in buying whole loan consumer and SME credit portfolios. Offering unrivalled expertise in investing in and managing credit portfolios, LCM has approximately €3 billion of drawn and/or committed capital and has invested in over 2,500 portfolios of performing, re-scheduled and non-performing loans.

LCM has won several investment industry awards, including the European Pensions’ Alternatives Investment Manager of the Year 2017, which followed a double win at Private Debt Investor’s 2016 awards as European Distressed Debt Manager and European Fundraising of the year. These awards are testament to the track record the team has built, delivering an unleveraged IRR of 14.8% since 1999.

LCM is currently deploying capital for its LCM Credit Opportunities III strategy, for which fundraising closed in 2016 and launched its Strategic Origination and Lending Opportunities strategy ‘SOLO’ in March 2018.

Link Financial
Link provides European financial institutions, investors and other credit providers with loan management, debt purchase and standby servicing solutions. Link manages approximately 3 million customer accounts and €25 billion of corresponding assets, and employs some 700 people across 10 European offices.

Link was one of the founding members of the modern credit and collections industry in Europe and has been at the forefront of innovation ever since. Link’s proprietary operational platform allows its business to service a range of asset types from within and outside the financial services industry.

Brookfield
Brookfield Asset Management Inc. is a global alternative asset manager with over US$285 billion in assets under management. The company has more than a 100-year history of owning and operating assets with a focus on real estate, renewable power, infrastructure and private equity.

Brookfield offers a range of public and private investment products and services, and is co-listed on the New York, Toronto and Euronext stock exchanges under the symbol BAM, BAM.A and BAMA, respectively.

Role
SHP acted as financial adviser to Link Financial Group.

RIT Capital Partners

Transaction Summary
On 21 December 2017, the senior management of London-based specialist fund manager GVQ Investment Management Limited (“GVQ”) entered into an agreement to acquire 100% of GVQ from RIT Capital Partners plc (“RIT”), subject to regulatory approval.

GVQ
GVQ is a leader in applying private equity techniques to public markets and in constructive corporate engagement. GVQ currently manages £700 million of assets through two Irish listed open-ended funds, the GVQ UK Focus Fund and the GVQ Opportunities Fund, and also manages Strategic Equity Capital plc (“SEC”), a London-listed investment trust. There will be no changes to the investment process or fund manager teams as a result of the transaction.

RIT Capital Partners
RIT Capital Partners plc is an investment trust listed on the London Stock Exchange with net assets of c. £2.9 billion. It is chaired by Lord Rothschild, whose family interests retain a significant holding.

Role
SHP acted as financial adviser to RIT Capital Partners.

Global Evolution

Transaction Summary
On 22 December 2017, Global Evolution, a premier specialist investment manager of emerging and frontier market debt strategies with $6.6bn of AUM, announced that it had sold a 45% stake to Conning, a leading global investment management firm.

With the transaction, Global Evolution accelerates its expansion into North America and Asia Pacific, while Conning adds best-in-class capabilities in Emerging Market Debt and Environmental, Social and Governance (ESG) investing. Following the closing, Global Evolution will continue to operate as an independent boutique and founders Søren Rump and Morten Bugge will continue as CEO and CIO, respectively. Employees will continue to hold a majority ownership interest in the firm, with Conning increasing its position in Global Evolution over time through a series of staged investments.

The transaction is expected to close in early 2018, subject to customary regulatory approvals and closing conditions.

Global Evolution
Founded in 2007, Global Evolution is a dedicated, leading emerging and frontier markets investment manager, committed to impact investing. With US$6.6 billion in assets under management as of November 30, 2017, the firm invests globally on behalf of a wide range of institutional investors through pooled funds and segregated accounts. Its clients are supported by a long-tenured group of investment professionals, with the core team having worked together for more than two decades. Global Evolution is known for its innovative approach to investing in emerging and frontier markets. Global Evolution has its head office in Kolding, Denmark, and offices in Zürich and New York.

Conning
Conning is a leading global investment management firm with approximately $120 billion in global assets under management as of November 30, 2017.* With a long history of serving the insurance industry, Conning supports institutional investors, including pension plans, with investment solutions and asset management offerings, award-winning risk modeling software, and industry research. Founded in 1912, Conning has offices in Boston, Cologne, Hartford, Hong Kong, London, New York, and Tokyo.

*As of November 30 2017, represents the combined global assets under management for the affiliated firms under Conning Holdings Limited, and Cathay Securities Investment Trust Co., Ltd. ("SITE"). SITE reports internally into Conning Asia Pacific Limited, but is a separate legal entity under Cathay Financial Holding Co., Ltd. which is the ultimate controlling parent of all Conning

Role
Spencer House Partners acted as sole financial adviser to Global Evolution.

RAM Active Investments

Transaction Summary
On 23 November 2017, RAM AI, one of Europe’s leading systematic investment managers based in Geneva with CHF4.9bn of AUM, announced that it had entered into a long-term strategic partnership with Mediobanca, the Italian listed diversified banking group, pursuant to which the latter will acquire a 69% stake in RAM AI.

The transaction is expected to bring several benefits, including a reinforced institutional framework, a long-term seeding commitment from Mediobanca to funds managed by RAM AI that will help foster innovation and research, and an improved distribution network across Europe. Under the terms of the strategic partnership, RAM AI will maintain its organizational and operational independence, with the founding partners retaining significant stakes in RAM AI and remaining committed to its development for a minimum period of ten years. Each partner will also reinvest a meaningful part of their proceeds in RAM AI’s funds. As the historical seeder and institutional shareholder of RAM AI, the REYL Group will also retain a 7.5% stake in the Company and will continue to operate as a preferred partner and anchor investor in the RAM AI’s products.

RAM Active Investments
RAM AI is an active and alternative asset manager which offers a range of fundamental systematic equity (“RAM Systematic Funds”) and discretionary fixed-income (“RAM Tactical Funds”) funds to a wide array of institutional and professional investors. The company has CHF4.9bn of AUM, of which CHF4.6bn is deployed in systematic funds, and run-rate management fees of CHF45m with a solid performance fee contribution and high double digit recurring net income. RAM AI is headquartered in Geneva with additional offices in Zurich and Luxembourg.

Mediobanca
Mediobanca is a listed diversified banking group. In addition to being the leading Italian investment bank, covering operations in lending, advisory and capital market services with a strong footprint in Southern Europe, Mediobanca Group is a major player in Italian consumer credit as well as a fast growing wealth manager serving both Affluent & Premier and Private & HNWI clients.

Role
Spencer House Partners acted as sole financial adviser to RAM Active Investments.

Canaccord Genuity Wealth Management

Transaction Summary
On 5 July 2017, Canaccord Genuity Wealth Management announced it had agreed to acquire Hargreave Hale, a leading independent UK-based investment and wealth management business with a total of £8bn in assets under management and administration.

The transaction establishes a substantially enlarged wealth management operation in the UK and Europe with over £18bn in private client assets and over £4.7bn in fund management assets.

Under the terms of the transaction, the shareholders of Hargreave Hale will receive initial consideration of £52.0m and additional contingent consideration of up to £27.5m. The contingent consideration is structured to be payable over a period of up to three years, subject to the achievement of certain performance targets related to the retention and growth of client assets and revenues and an amount determined with reference to the fund management business.

Canaccord Genuity Wealth Management
Canaccord Genuity Wealth Management provides comprehensive wealth management solutions and brokerage services to individual investors, private clients, charities and intermediaries through a full suite of services tailored to the needs of clients in each of its markets. Canaccord Genuity Wealth Management has professionals in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia.

Hargreave Hale
Hargreave Hale is a provider of discretionary investment management and stockbroking services to more than 14,000 private clients, intermediaries, corporations and charities. Hargreave Hale operates a leading custody and settlement function and has a nationwide presence in the UK with nine offices located in Bangor, Blackpool, Carlisle, Lancaster, London, Norwich, Nottingham, Worcester and York.

Role
Spencer House Partners advised Canaccord Genuity Wealth Management.

Impax

Transaction Summary
On 18 September 2017, Impax Asset Management Group plc, the AIM quoted investment management group, announced that it had entered into agreements to acquire 100% of Pax World Management.

The combined group would have pro-forma AUM of £10.3bn ($13.4bn) as at 31 August 2017, and will be a leading independent investment manager specialising in the opportunities arising from the transition to a more sustainable global economy.

The acquisition builds on the companies’ successful ten-year relationship; Impax and Pax have collaborated since 2007 in the design and management of the Pax Global Environmental Markets Fund, which as of 31 August 2017 had net assets of $511m.

The transaction consists of upfront consideration with an implied value of $52.5m, and subject to Pax achieving certain performance targets, contingent consideration of up to $37.5m.

Impax
Impax Asset Management manages or advises on approximately £7.2bn (as at 31 August 2017) in both listed and private equity strategies primarily for institutional clients. The Company’s investments are based on the strong conviction that population dynamics, resource scarcity, inadequate infrastructure and environmental constraints will profoundly shape global markets, creating investment risks and opportunities.

Pax
Pax, which is headquartered in Portsmouth (NH), USA, has AUM of £3.5bn ($4.5bn) and offers actively and passively managed equity and fixed income strategies. Pax integrates environmental, social and governance research into its investment process to better manage risk and deliver competitive long-term investment performance.

Role
Spencer House Partners advised Impax on the transaction.

Together

Transaction Summary
On 2 November 2016, Together, formerly Jerrold Holdings, announced that Equistone and Standard Life had exited their minority investment in the company. All voting rights are now held by a vehicle ultimately controlled by HN Moser and members of his family. £220m of PIK notes were issued as part of the transaction with proceeds used to fund the cash proportion of the exit consideration, payments under the management incentive scheme and the repayment of certain shareholder loans. The cash proceeds to Equistone and Standard Life were £188m with an additional £100m payable as a vendor note giving total exit proceeds of £288m. Equistone and Standard Life invested £115m for their minority stake in September 2006.

Together
Together is a specialist UK mortgage loan provider established in 1974. It focuses on low loan to value retail and commercial purpose mortgage loans, applying a bespoke underwriting approach to niche market segments underserved by mainstream lenders. Its products include secured first and second lien loans, of which approximately 80% are secured by residential properties, with the balance secured by commercial and semi-commercial properties, all within the United Kingdom. Together distributes its products directly and through a network of brokers and other intermediaries. Its loan portfolio was £2bn in December 2016, supported by parent company net assets of £395m. Its net income in the year to June 2016 was £72m, up by 22% from £59m in FY15.

Role
SHP advised the Moser family on the transaction.

Hayfin

Transaction Summary
On 2 February 2017, Hayfin Capital Management LLP (“Hayfin” or “the firm”), a leading European credit platform with €8.2bn in assets under management, announced that British Columbia Investment Management Corporation (“bcIMC”) had agreed to acquire a majority shareholding in the firm from the existing consortium of institutional investors. The transaction will support Hayfin’s long-term growth plans and simplify its ownership structure, with Hayfin’s management and employees remaining substantive shareholders alongside bcIMC.

bcIMC, a Canadian investment manager which manages approximately C$122bn in assets, is acquiring 100% of the shares owned by Hayfin’s current institutional investors – TowerBrook Capital Partners, PSP Investments (“PSP”), the Ontario Municipal Employees Retirement System (“OMERS”), and The Future Fund. bcIMC is also committing significant capital to the funds that Hayfin currently manages and will be supportive of the future development of the business. Hayfin’s principal focus will remain managing assets for third parties; the day-to-day independence of the Hayfin team over operations, investments, and personnel will be unaffected by the change in ownership.

The financial terms of the deal are undisclosed. Completion of the transaction is subject to regulatory approval.

Hayfin
Hayfin is a leading European credit platform with €8.2bn in AUM. The firm was established in 2009 with backing from TowerBrook Capital Partners, OMERS, PSP, and the Future Fund and is headed by former Goldman Sachs partner Tim Flynn. Hayfin provides lending solutions to European medium-sized companies as well as operating complementary business lines across corporate, maritime and alternative credit.

bcIMC
bcIMC is the fourth largest fund manager in Canada with approximately C$122bn managed on behalf of 34 institutional clients including 11 public sector pension plans.

Role
SHP acted as financial adviser to Hayfin.

The Nexus Group

Transaction Summary
On 30 November 2016, the shareholder restructuring of the Nexus Group was announced. This involved Harry Hyman (the founder and majority shareholder) acquiring minority interests held by certain long-term external shareholders to become the 100% owner.

The Nexus Group
The Nexus Group is a long-established private firm with significant credentials in building and managing alternative property assets. It is best known as the manager to Primary Health Properties PLC since its inception in 1994 (a ~£0.7bn market cap REIT listed on the LSE), and also manages the Nexus Pine Fund (a specialist investor in operational property let to educational providers). The Nexus Group also has corporate finance and publishing arms.

Role
SHP acted as financial adviser to the Nexus Group.

Janus Capital Group

Transaction Summary
On 3rd October 2016, Janus Capital Group Inc. announced a recommended all-stock merger of equals with Henderson Group plc, with the combined company to be named Janus Henderson Global Investors, and to be effected via a share exchange with each share of Janus common stock exchanged for 4.7190 newly issued shares in Henderson. Henderson and Janus shareholders are expected to own approximately 57% and 43% respectively of Janus Henderson Global Investors' shares on closing, based on the current number of shares outstanding.

Janus Henderson Global Investors will be a leading global active asset manager with AUM of more than US$320bn and a combined market capitalisation of approximately US$6bn (based on share prices at close on the last trading day before announcement). Janus' strength in the US markets will be combined with Henderson's strength in the UK and European markets to create a truly global asset manager with a diverse geographic footprint which closely matches the global fund management industry. The combined group will have attractive growth potential (the Boards of Henderson and Janus believe the combined group will generate approximately 2-3 percentage points of additional net new money following integration), together with annual run rate net cost synergies of at least US$110m. The Henderson and Janus CEOs will lead Janus Henderson Global Investors together, reflecting the importance of smooth integration in a people-focused business. The combined group will apply for admission to trade on the NYSE as its primary listing, retaining Henderson's existing listing on the ASX. Janus' largest shareholder, Dai-ichi Life, has committed to supporting the merger and intends to extend its strategic partnership to the combined group.

Janus
Janus Capital Group Inc. is a global investment firm dedicated to delivering better outcomes for clients through a broad range of investment solutions, including fixed income, equity, alternative and multi-asset class strategies. It does so through a number of distinct asset management platforms within Janus Capital Management LLC, as well as INTECH, Perkins and Kapstream, in addition to a suite of exchange-traded products. Each team brings distinct asset class expertise, perspective, style-specific experience and a disciplined approach to risk. Investment strategies are offered through open-end funds domiciled in both the US and offshore, as well as through separately managed accounts, collective investment trusts and exchange-traded products. Based in Denver, Janus has offices located in 12 countries throughout North America, Europe, Asia and Australia. The firm had complex-wide assets under management and ETP assets totalling US$195bn as of 30 June 2016. Janus is listed on the New York Stock Exchange with a market capitalisation of US$2.6bn (as at close on 30 September 2016). As at 30 June 2016, Janus had gross assets of US$2,840m, and for the year ending 31 December 2015, profit before tax of US$253m.

Henderson
Henderson is an independent global asset manager, specialising in active investment. Named after its first client and founded in 1934, Henderson is a client-focused global business with over 1,000 employees worldwide and assets under management of £100bn (31 August 2016). Its core areas of investment expertise are European equities, global equities, global fixed income, multi-asset and alternatives. Headquartered in London, Henderson has 19 offices around the world. Henderson is dual-listed on the Australian Securities Exchange and the London Stock Exchange, and a member of the ASX 100 and FTSE 250 indices, with a market capitalisation of £2.6bn (as at close on 30 September 2016). As at 30 June 2016, Henderson had total assets of £1,876m and £220m underlying profit before tax in the financial year ended 31 December 2015.

Role
LSHP acted as sole financial adviser to Janus Capital Group.

Asset Value Investors

Transaction Summary
On 30 September 2015, Asset Value Investors (AVI) announced a strategic partnership with Goodhart Partners (Goodhart). Under the terms of the agreement, Goodhart will provide AVI with resources to support its growth and will acquire a minority interest in AVI. It was also announced that Joe Bauernfreund will succeed John Pennink as Chief Investment Officer. The terms of the transaction were not disclosed.

Asset Value Investors
AVI was established in 1985 to manage the assets of listed investment company, British Empire Securities & General Trust plc (British Empire). In addition to British Empire, AVI manages a range of pooled funds and reported total AUM of £850m as at 31 August 2015. AVI manages global equity portfolios with a deeply fundamental and distinctly value-driven investment process. It focuses on proprietary and under-researched universe of companies with identifiable assets, investing when the discount to net asset value is attractive.

Goodhart Partners
Founded in 2009, Goodhart is an asset management group with offices in London and Tokyo offering a range of differentiated investment strategies, managed in-house or in partnership with affiliated boutiques, which include Cartesian Capital Partners, Goodhart Japan and HMG Finance. Goodhart provides strategic resources spanning regulatory, platform, sales, client service, reporting and risk management. Goodhart’s mission is to be recognised for its commitment to investment excellence – to be a trusted partner for both sophisticated institutional investors and exceptional investment teams. Goodhart is an affiliate of Northern Lights Capital Group, a multi-boutique asset management group based in Seattle.

Role
SHP acted as financial adviser to AVI.

BHF Kleinwort Benson

Transaction Summary
On 27 July 2015, Fosun International Limited announced its intention to launch a public takeover offer for BHF Kleinwort Benson at €5.10 per share (or €674m), equal to a 9% premium to the closing share price on 24 July 2015. On 27 November 2015, Oddo announced its intention to launch a counterbid for BHF Kleinwort Benson at €5.75 per share (€760m), equal to a 23% premium to the closing share price on 24 July 2015 and a 32% premium to the three month weighted average share price up to 24 July 2015. Oddo also announced firm commitments with Franklin Templeton and Aqton for the sale or tender of their holdings (17.5% and 11.3% respectively), which together with its own holding, would result in Oddo owning over 50% of BHF Kleinwort Benson. On 18 December 2015 Fosun withdrew its takeover offer for BHF Kleinwort Benson.

Oddo’s Prospectus was published on 27 January 2016, together with the Board of BHF Kleinwort Benson’s Response Memorandum, in which the Board set out its unanimous recommendation that shareholders should accept the Oddo Counterbid. The Initial Acceptance Period for Oddo’s counterbid opened on 27 January 2016 and closed on 10 February. On 15 February Oddo announced that, following the effective transfer of the shares tendered during the Initial Acceptance Period, it would hold over 97% of the outstanding BHF Kleinwort Benson shares, and that it would proceed with a squeeze-out of the remaining shareholders.

BHF Kleinwort Benson
BHF Kleinwort Benson is a European financial services group mainly active in private banking and asset management. The group, formerly RHJ International, is listed on the Euronext Brussels regulated market, and is mainly active in Germany, the UK, the Channel Islands and Ireland via its subsidiaries, BHF-Bank, Kleinwort Benson Bank, Kleinwort Benson Channel Islands and Kleinwort Benson Investors. At 30 June 2015, the group managed assets of €59bn and its shareholders' equity totalled €793m on 30 September 2015.

Oddo & Cie
Oddo & Cie is an independent financial services group, founded over 160 years ago. In 2015, Oddo became a Franco-German group following the acquisition of Seydler in Frankfurt and Meriten Investment Management in Dusseldorf. With a staff of 1,300 and €61bn of AUM, Oddo is active in investment banking and capital management, including equity and fixed income brokerage, private banking and asset management. 60% of Oddo’s capital is held by the Oddo family and 30% owned by employees. As at 31 December 2015, Oddo had shareholders’ equity of over €700m.

Role
Spencer House Partners advised BHF Kleinwort Benson.

Rogge Global Partners

Transaction Summary
On 8 February 2016, Allianz Global Investors (AllianzGI) announced that it will acquire 100 per cent of the issued share capital of Rogge Global Partners (RGP) from Old Mutual and RGP management for an undisclosed amount. Spencer House Partners acted as financial adviser RGP, a London-based global fixed income specialist with approximately $36 billion of AuM.

The combination will further strengthen AllianzGI's growing fixed income capability and client proposition, while providing RGP with a strategic partner which will offer greater distribution potential for its strategies. Consistent with AllianzGI’s previous acquisitions and integrations, the integrity of the RGP investment team and process will be maintained. The RGP team will become part of AllianzGI’s global investment platform, which is set up to preserve the distinct dynamics, processes and philosophies of different investment teams.

AllianzGI’s commitment to building out its fixed income capability has seen it make a number of investments in this area in recent years, including the creation of an Asian Fixed Income team under the leadership of David Tan, the development of its Emerging Market Debt team led by Greg Saichin and more recently the hiring of Mike Riddell to lead the development of its UK Fixed Income capability. These investments augment AllianzGI's already substantial Fixed Income capability.

Rogge Global Partners
Established in 1984, RGP has been investing in global fixed income markets since inception. While many peers are domestic fixed income businesses that have developed global strategies over time, RGP has been global from the outset, enabling the company to capitalise on the widest possible opportunity set. RGP’s investment philosophy is based on the belief that over time, healthy countries produce the highest bond and currency returns. As a global money manager, RGP seeks out financial health in countries, currencies and companies globally.

Allianz Global Investors
AllianzGI is a diversified active investment manager. It has grown to manage €167 billion in fixed income (from total AuM of €427 billion), up from €109 billion four years ago, and has seen positive net inflows in each of the last 11 quarters. It has 24 offices in 18 countries and employs more than 500 investment professionals.

Role
Spencer House Partners advised RGP on the transaction.

Ingenious Asset Management

Transaction Summary
On 5 February 2016, Tilney Bestinvest (TBI) announced the acquisition of Ingenious Asset Management (IAM). IAM is a discretionary investment manager which services high net worth and ultra-high net worth clients and offers investment services to financial advisers. Upon completion of the acquisition of IAM, the enlarged group will be responsible for £11.2 billion of assets, of which over 80% will be managed or advised, and will have over 500 staff across the UK operating from 15 offices including five investment management locations.

Ingenious Asset Management
IAM was established in 2003. The vast majority of its client base is discretionary, and it primarily manages assets in global multi-asset portfolios, mainly investing through collectives. It is responsible for over £1.8 billion (as at February 2016) of client assets and has 41 staff based in London.

Tilney Bestinvest
TBI is an investment and financial planning firm, backed by the Permira funds, responsible for over £9 billion of AUM (as at February 2016). TBI offers, inter alia, discretionary investment management, investment advisory and financial planning services.

Role
Spencer House Partners advised Ingenious Asset Management Group Limited on the transaction.

Capital Four

Transaction Summary
On 18 January 2016, Northill Capital announced that it would acquire a majority interest in Capital Four. Spencer House Partners acted as financial adviser to Capital Four, an industry-leading European high yield asset management firm, based in Copenhagen, with an award winning performance track record and approximately €6 billion of AuM. Northill’s investment in Capital Four represents approximately 60% of the firm’s equity, with existing partners Sandro Näf, Torben Skødeberg and Henrik Østergaard maintaining ownership of approximately 40%. As a result of the transaction, Northill will indirectly acquire all the equity previously owned by a recently retired partner of the firm, with the balance of the equity also acquired from the existing partners.

Northill’s approach is to ensure that culturally and operationally existing management teams retain the autonomy to continue to run their business. Capital Four will remain in Copenhagen, enabling it to preserve its distinctive culture and location, which provides a favourable vantage point on a complex and fast growing European credit investment universe.

Capital Four will retain day to day operational independence and members of the Northill management team will join the Capital Four Board of Directors. The partners will continue with the firm while the number of equity owners will grow over time to reflect the further development of Capital Four’s strong talent pool. Existing Capital Four equity owners will hold their remaining equity for a minimum of five years, and in addition, each will reinvest a minimum of half of their after tax proceeds into Capital Four’s investment strategies.

Capital Four
Capital Four was founded in 2007 and manages European high yield strategies across high yield bonds, leveraged loans, credit long/short and direct lending predominantly on behalf of institutional investors. It is the largest independent high yield investment manager in Europe. Credit views are expressed consistently across the firm’s strategies, which benefit from the same rigorous fundamental bottom-up credit selection and analysis process first established in 1999. Capital Four’s European high yield strategy has continued to achieve strong returns for investors, and has consistently outperformed its benchmark since inception.

Northill
Northill Capital, an independent, privately held asset management business, was established in London in 2010 by Jonathan Little, former Vice-Chairman of BNY Mellon Asset Management, with substantial financial backing from interests associated with the Bertarelli Family. Northill’s long-term strategy is to build a portfolio of high quality, specialist asset management businesses. Combined AuM of firms in which Northill owns a majority interest total approximately $30 billion (as at 31 December 2015). Northill brings deep industry experience and expertise and the patient, long-term application of substantial private capital to support skilled investment professionals to develop their business.

Role
SHP acted as financial adviser to Capital Four.

Martin Currie

Transaction Summary
On 17 November 2015, Martin Currie, the active equity specialist, announced that it had acquired PK Investment Management (PKIM), the London-based long/short Japan equity boutique.

Led by Paul Kirkby, PKIM is one of the most experienced teams in this specialist category. The team will be enhanced further with the addition of Martin Currie incumbent manager, Claire Marwick. The enlarged team will have total AuM of US$425 million.

Paul Kirkby has also been appointed as lead manager of the Legg Mason Japan Absolute Alpha Fund, a Luxembourg-domiciled UCITS fund.

Martin Currie
Martin Currie is an active equity specialist, driven by investment expertise and focused on managing money for a wide range of global clients. Martin Currie is an independent investment affiliate of Legg Mason, a global asset management firm with over US$670 billion in AuM as of 30 September 2015.

Paul Kirkby
Paul is a highly experienced portfolio manager who has managed Japanese equities for over 30 years. Prior to forming PKIM in 2002, Paul worked for Global Asset Management (GAM), joining in 1985 before being appointed Director in 1987. While at GAM Paul managed Japan long only and hedge portfolios firstly based in Hong Kong before relocating to London in 1992.

Role
SHP acted as financial adviser to Martin Currie.

Turcan Connell Asset Management

Transaction Summary
On 12 October 2015, the shareholder restructuring of Turcan Connell Asset Management was announced. The new business will now trade as Tcam and will be owned by a partnership of three main shareholder groups: (i) the two current executive directors Alex Montgomery and Haig Bathgate, who will spearhead the operation as Joint Chief Executives, (ii) a group of Turcan Connell Partners and former Partners, including current Chairman, Douglas Connell, and (iii) new external individual investors.

Turcan Connell Asset Management
Turcan Connell is a law firm founded in August 1997 with an embryonic wealth management function that grew strongly as part of the overall partnership. The wealth management business was incorporated as a separate company (Turcan Connell Asset Management) in April 2012. Turcan Connell Asset Management offers wealth management and financial planning services, and has approximately £1 billion of client assets under management and administration.

Role
Spencer House Partners advised Turcan Connell Asset Management.

Dyal Capital Partners (Neuberger Berman)

Transaction Summary
On 7 October 2015, Chenavari Investment Managers (Chenavari) and Dyal Capital Partners (Dyal) announced that Dyal has acquired a passive minority interest in the controlling company of Chenavari.

Chenavari will continue to be led by Loic Fery, CEO & Co-CIO, and Frederic Couderc, Co-CIO. They will retain complete control over the firm's operations and investment process. Dyal's strategic minority interest will be passive with no oversight into Chenavari's governance. The vast majority of Chenavari's economic interests remain in the hands of Chenavari's existing shareholders.

Dyal Capital Partners
Dyal Capital Partners is a permanent capital private equity fund managed by Neuberger Berman Group LLC, a private, independent, employee-owned investment manager with $251 billion in client assets.

Dyal seeks to acquire minority equity interests in institutional alternative asset management companies worldwide and its portfolio of alternative asset managers has access to its Business Services Platform, a dedicated team of professionals whose sole responsibility is to ensure the availability of industry best practices.

Chenavari Financial Group
Chenavari is a diversified alternative asset management group focused on credit, structured finance, real estate and private debt strategies, with approximately $5.4 billion of assets under management as of September 1, 2015.

Role
SHP acted as financial adviser to Dyal Capital Partners.

Cairn Capital

Transaction Summary
On 5 August 2015, Mediobanca announced it will be acquiring a majority interest in Cairn Capital, the London-based credit asset management and advisory business.

As part of the transaction, the listed Italian banking group is acquiring a 51% interest in Cairn Capital, with the majority of the equity being acquired from the firm’s institutional shareholders, RBS and Star Capital. Mediobanca also has an option after three years to acquire the remaining equity, the majority of which is held by the management and staff.

It is intended that Cairn Capital will play a central role in the development of Mediobanca’s alternative asset management strategy, with Mediobanca providing seed capital, as well as access to its distribution channels, investor relationships and institutional infrastructure.

Cairn Capital
Cairn Capital is an independent London-based full-service credit asset management, advisory and securities restructuring firm established in 2004. Cairn Capital has in-depth exposure to credit markets due to its diverse business lines, comprehensive bottom up research, technical understanding and bespoke trading and analytical tools. Cairn Capital has a particular, but not exclusive, focus on the European credit markets As at 30 June 2015, Cairn Capital had $5.6bn of discretionary and legacy assets under management, with a further $9.1bn of assets under long term advice.

Mediobanca
Mediobanca is a listed diversified banking group and Italy’s leading investment bank. Founded in 1946 to help rebuild Italy following the Second World War, Mediobanca has provided advisory services and finance to its clients for almost 70 years. Under its 2014–16 Strategic Plan, Mediobanca has refocused on its core banking activities, further expanding its investment bank into new markets in Europe and around the world.

Role
SHP acted as financial adviser to Cairn Capital.

Hayfin Capital Management

Transaction Summary
Following negotiations with its shareholders, HayFin, a credit investment firm with over €5bn in assets under management, transferred its proprietary balance sheet investments into a fund and released capital to become a pure play credit asset manager. As a part of the transaction, management increased its ownership stake and with a reconfigured long term incentive scheme will, over time, become the largest individual shareholder group.

HayFin Capital Management
HayFin was established in 2009 with backing from TowerBrook Capital Partners, Omers Private Equity, Public Sector Pension Investment Board of Canada, and the Future Fund and is headed by former Goldman Sachs partner Tim Flynn. HayFin provides lending solutions to European medium-sized companies as well as operating complementary business lines across corporate, maritime and alternative credit.

Role
Spencer House Partners acted as retained strategic advisers to HayFin.

Vontobel Asset Management

Transaction Summary
On 25 March 2015, Vontobel Asset Management, the global multi-boutique asset management division of Vontobel, announced that it had acquired a 60 percent stake in TwentyFour Asset Management LLP, a fast growing independent fixed income specialist based in London.

TwentyFour’s Partners will continue to manage TwentyFour’s day-to-day operations, retaining full authority over fund investment decisions. The established TwentyFour brand will remain in place. TwentyFour’s Partners and key employees will retain a 40 per cent stake in the business and will remain fully committed to TwentyFour. To further strengthen alignment, the Partners have agreed to reinvest a significant share of their consideration into existing TwentyFour or Vontobel investment funds. In line with Vontobel’s multi-boutique structure, both firms’ investment platforms will operate independently of each other to ensure a continuation of their strong performance record. The 40 per cent stake held by the Partners will be acquired by Vontobel over the longer-term.

In aggregate they will have approximately £12 billion of total fixed income assets under management.

Vontobel Asset Management
Vontobel Asset Management is an active global multi-boutique asset manager with specialist investment expertise in Quality Growth Equities, Multi Asset Class, Fixed Income, Global Thematic Equities and Alternatives. Each boutique is run as an independent centre of expertise. Vontobel has a successful innovative product range and is strongly committed to further develop and expand its Fixed Income boutique on a global scale and strengthen its access to the UK market.

TwentyFour Asset Management
TwentyFour Asset Management is a London based independent fixed income specialist with leading capabilities in asset backed securities and unconstrained fixed income. The firm has a diverse client base in the UK, spanning wholesale as well as institutional clients, which it services via segregated mandates and a range of pooled investment vehicles. The highly transparent products benefit from a rigorous detail-oriented investment approach, in order to achieve superior risk-adjusted returns whilst retaining a strong focus on capital preservation.

Role
SHP acted as financial adviser to Vontobel.

RIT Capital Partners

Transaction Summary
On 19 December 2014, RIT Capital Partners plc announced that it had acquired London-based specialist fund manager GVO Investment Management Limited (“GVOIM”) from Hansa Aktiengesellschaft (Hansa).

GVOIM invests in UK equities by applying private equity techniques, and is a leader in constructive corporate engagement. GVOIM currently manages the GVO UK Focus Fund, an Irish listed open-ended investment company, and Strategic Equity Capital plc, a London-listed investment trust. As part of the transaction, RIT will acquire Hansa's holding in Strategic Equity Capital plc.

RIT Capital Partners
RIT Capital Partners plc is an investment trust listed on the London Stock Exchange with net assets of over £2 billion. It is chaired by Lord Rothschild, whose family interests retain a significant holding.

GVOIM
GVOIM has an award-winning investment team with a proven track record, and assets under management of approximately £350 million. GVOIM will continue to operate as a separate legal entity with the same management team, structure and investment process, and will benefit from RIT's support in achieving its growth ambitions. There will be no changes to the existing fund manager teams, who will retain complete investment autonomy.

Role
SHP acted as financial adviser to RIT Capital Partners.

Stonehage Fleming Family and Partners (SF&P)

Transaction Summary
On 6 November 2014, Stonehage and FF&P announced that they will merge to create Stonehage Fleming Family and Partners (SF&P).

SF&P will be the largest independent multi-family office in the EMEA region. With a combined business serving a core client base of over 250 families, SF&P will manage, advise, and/or administer over $43 billion of assets. This will include an investment business with more than $11 billion under management. SF&P will have combined revenues of approximately $160 million, and employ over 500 staff in 14 offices, across 7 countries.

Stonehage
Stonehage is a leading multi-family office and trusted adviser to international ultra-high net worth families.

Stonehage draws on experience honed over four decades of helping families identify and realise their strategic wealth management goals. Families call upon Stonehage’s multi-disciplinary expertise to address complex requirements that may span geographies and generations across the full spectrum of investment, business, property and lifestyle assets.

Stonehage is independently owned by management and staff, with assets under administration in excess of $35 billion (c.£22 billion). Stonehage provides a full Family Office service to over 200 major clients and offers a range of services to over 800 others. Stonehage employs over 400 people in 11 offices around the world.

FF&P
Fleming Family & Partners (FF&P) is an international multi-family office which advises wealthy individuals, families and charities on how best to grow and maintain their capital.

FF&P was established in 2000 by the Fleming family to structure and manage the family’s assets following the sale of their interest in the family-owned investment bank, Robert Fleming and Company, to Chase Manhattan bank (subsequently JP Morgan). In addition to the family assets, FF&P was set up to manage the wealth of other families, ultra-high net worth individuals, charities and endowments. Currently FF&P works with a core group of more than 50 families and manages assets in excess of £4 billion (c.$6.5 billion).

Role
SHP advised on the transaction.

La Française

Transaction Summary
La Française will contribute its fund of hedge funds business to Tages Capital in return for a 40% stake in the combined entity, creating a fund of hedge funds with $3bn in assets under management. Tages currently has offices in London and Milan, with La Française based in Paris.

La Française
La Française, which is one of Europe’s largest fund managers with assets under management of over €40bn including equity funds and real estate, also acquired a stake in Forum Partners, the real-estate asset manager, late last year as part of a strategy of building its international presence. Its fund of hedge funds unit, which is currently the second largest in France, will contribute approximately $1bn in assets under management to the combined firm.

Tages Capital
Tages Capital, founded in 2011, is an international investment and advisory group established by a set of managing partners including Panfilo Tarantelli, a former Head of Investment Banking at Citibank and later Chairman of the Global Banking Division for Europe. It currently manages approximately $2bn. Tages also operates a corporate finance advisory business and distressed debt arm which will remain separate after the deal is completed.

Role
SHP acted as financial advisor to La Française.

Apollo Global Management

Transaction Summary
Affiliates of Apollo Global Management LLC (NYSE: APO), including Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI), have reached an agreement to make an investment in an entity that has agreed to acquire a minority participation in KBC Deutschland AG, the German subsidiary of Belgian KBC Group NV.

The transaction is subject to antitrust and regulatory approval. Meanwhile, KBC Bank Deutschland, with the support of KBC, remains fully committed to all its current business activities and serving its customers.

In November 2009, KBC agreed a strategic plan with the European Commission that involves refocusing on retail customers, small and medium-sized enterprises and mid-caps in its core markets of Belgium and Central and Eastern Europe (Czech Republic, Slovakia, Hungary and Bulgaria), while reducing risk weighted assets. As part of this plan, KBC Bank Deutschland was earmarked for divestment, despite the presence and expertise it has built up.

KBC Bank Deutschland
KBC Bank Deutschland is a stand-alone specialised financial institution for German medium-sized corporate clients (the Mittelstand) with assets of EUR 2,607 million as of December 31, 2012. The bank is also active in professional real estate financing, acquisition finance, institutional asset management and private wealth management for German high-net-worth individuals. Its foundation dates back to 1863 as a cooperative banking organisation in Bremen. The bank is specialised in financing and providing financial advice to the Mittelstand.

Apollo Global Management
Apollo Global Management, LLC (NYSE: APO) is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of approximately 113 billion US dollars as of 30 June 2013, in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources.

Apollo Commercial Real Estate Finance, Inc.
Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, invests in, acquires and manages performing commercial real estate mortgage loans, subordinate financings, CMBS and other commercial real estate-related debt investments throughout the U.S. The company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, LLC.

Role
SHP acted as financial advisor to Apollo Global Management.

La Française

Transaction Summary
Forum Partners Investment Management, LLC (Forum) and La Française, an affiliate of Crédit Mutuel Nord Europe (CMNE), announced that, subject to regulatory approval, La Française will acquire a 24.9% in Forum through an issuance of new shares. They have entered into a strategic partnership encompassing a substantial capital commitment to Forum’s global suite of real estate investment strategies and collaboration on a series of new European investment products, including a joint venture to develop European direct real estate products.

The partnership will combine Forum’s global real estate private equity, debt and securities capabilities with La Française’s proven leadership in French direct real estate and senior debt. In support of this partnership, CMNE and La Française will allocate over $600 million in capital across each of Forum’s principal investment strategies, beginning with over $200 million to Forum’s European debt platform, including mezzanine and senior debt. La Française will also commit capital to Forum’s global securities business, to its Asian private equity strategy and to potential expansion opportunities in the Americas. In addition, both Forum and La Française will gain access to the other party’s institutional and retail distribution network globally.

La Française
La Française is one of Europe’s largest fund managers, with assets under management of $50 billion of which $9 billion is in real estate. For more than 35 years, La Française has been developing specific expertise as an investment manager of listed and unlisted securities and real estate assets while also providing comprehensive investment solutions. For more than 10 years, La Française has also been a major player in the acquisition of minority shareholdings.

Forum
Forum is an independent global real estate investment management firm with $5.7 billion of capital committed and under advice. Through its expertise across debt and equity and public and private markets, Forum provides growth and restructuring capital to real estate operators and also invests directly at the property level. Forum sets out to achieve attractive medium/long-term returns for investors in an environment of contained risk with capital protection at its heart. Forum has offices in London, Hong Kong, Tokyo, Beijing, Seoul, Singapore, Mumbai, Sydney, Greenwich (Connecticut) and Santa Fe (New Mexico).

Role
SHP acted as financial advisor to La Française.

Heartwood Wealth Group

Transaction Summary
On 6 February 2013, Svenska Handelsbanken announced that it will acquire Heartwood Wealth Group for an undisclosed amount. As a result of the transaction, Heartwood will become a wholly-owned subsidiary of Handelsbanken, forming the foundation of its UK wealth management offering. The acquisition of Heartwood will enable Handelsbanken to meet the growing demand for wealth management services from its clients, whilst Heartwood will still retain the ethos that makes it stand out to its clients. Due to an excellent business fit and mutual growth opportunities, the deal is expected to create new jobs and broaden career opportunities.

Heartwood Wealth Group
Heartwood was founded 25 years ago and has grown steadily and organically, currently with over £1.5 billion of funds under management (as at 31st January 2013). From its offices in London and Tunbridge Wells, Heartwood provides wealth management services for private clients, including discretionary investment management, financial planning, tax-efficient wealth structuring, tax advice, retirement planning and pensions advice. In addition, Heartwood Investment Management provides investment management services for financial advisers, charities and professional advisers.

Svenska Handelsbanken
Handelsbanken was founded 141 years ago in Sweden and now has over 750 branches and more than 11,000 employees in 24 countries. Having first established a presence in the UK in 1982, today the bank manages a decentralised network of 147 branches across the country, with further expansion ongoing. Handelsbanken specialises in providing highly personalised and competitive banking services to both businesses and individuals and has been judged the most cost-effective universal bank in Europe for many years.

Role
SHP acted as financial adviser to Heartwood.

Eden Financial

Transaction Summary
On 24 September 2012, Canaccord Financial announced the acquisition of London-based private client investment management business, Eden Financial, to expand its UK wealth management platform: Collins Stewart Wealth Management. Under the terms of the transaction, Canaccord is paying up to £17m, consisting of a cash consideration of up to £12.8m for the business and up to £4m of further staff incentives. Concurrent with this transaction, Eden Financial announced on 1 October 2012 that it had sold its Asset Management business to City Financial Investment Company.

Eden Financial
Based in London, Eden Financial Limited is an independent, owner managed private client investment management business with £835m in AUM on behalf of 2,500 clients (as at 31 August 2012).

Collins Stewart Wealth Management
Collins Stewart Wealth Management is an award winning investment manager and stockbroker committed to providing private clients, charities and intermediaries with a broad array of independent wealth management services. Following the acquisition, Collins Stewart Wealth Management will manage and administer approximately £9bn of assets for over 12,000 clients.

Canaccord Financial
Canaccord Financial Inc. is a leading independent, full service financial services firm, with operations in two principal segments of the securities industry: wealth management and global capital markets. Canaccord has offices in 12 countries worldwide and is publicly traded on the Toronto Stock Exchange and London Stock Exchange.

City Financial
City Financial Investment Company Limited is a London-based asset management group that has designed a nimble company to bring to advisers and investors a straightforward series of funds managed by individuals who City Financial believe are masters of their craft. City Financial’s funds include Strategic Gilt, Strategic Global Bond, MultiManager Growth, MultiManager Income, MultiManager Diversified, MultiManager Dynamic, UK Equity Income and UK Equity, and the institutional only fund, City Financial Asian Absolute Growth Fund.

Role
SHP acted as financial adviser to Eden Financial.

James Hambro & Partners

Transaction Summary
On 15 August 2012, James Hambro & Partners and Calkin Pattinson announced the merger of the two businesses. The combination provides an enhanced offering, from bespoke discretionary portfolio management to financial planning services, and a group with over £1bn of assets under management, advice and administration. The terms of the transaction were not disclosed.

James Hambro & Partners
James Hambro & Partners LLP is a London-based, independent private asset management partnership born of two hundred years of Hambro heritage. Founded in 2009, James Hambro & Partners manages discretionary investment portfolios for 102 families, charities and trusts with around £480m of assets under management and administration.

Calkin Pattinson
Established in 1964, Calkin Pattinson & Company Limited is a leading, London-based financial planner for high net worth clients. Calkin Pattinson advises 2,000 private clients and charities on financial planning issues, and in addition has around £600m assets under management.

Role
SHP acted as financial adviser to James Hambro & Partners.

RIT Capital Partners

Transaction Summary
On 20 July 2012, RIT Capital Partners plc announced that it had made a long-term investment in Corsair Capital, resulting in it having a minority investment in the G.P. of the firm. On completion of the transaction, RIT Capital Partners proposes to issue new ordinary shares as is equivalent to US$7.5m, as part consideration for the acquisition of the stake in Corsair by RIT Capital Partners.

RIT Capital Partners
RIT Capital Partners plc is an investment trust listed on the London Stock Exchange. It is chaired by Lord Rothschild, whose family interests retain a significant holding. For 2011 it won the Best Large Trust award from the Investment Trust Journal, for its outstanding performance.

Corsair Capital
Corsair Capital is a leading specialist private equity firm focused exclusively on investing in the global financial services industry. Corsair has invested across a range of geographies and cycles, and in substantially all of the subsectors of the financial services industry including insurance, asset management, depository institutions, and specialty finance in North America, Western Europe, and the Emerging Markets of Asia, Latin America, and Central Europe.

Role
SHP acted as financial adviser to RIT Capital Partners.

RIT Capital Partners

Transaction Summary
On 30 May 2012, RIT Capital Partners plc announced the creation of a strategic partnership with Rockefeller Financial Services, the parent company of Rockefeller & Co. In acquiring the 37% equity interest previously held by Société Générale Private Banking, RIT Capital Partners became a significant minority investor in Rockefeller Financial Services, alongside the Rockefeller family, related entities and management. The firms intend to collaborate on investment solutions and other areas of shared expertise to further serve the needs of their clients and investors. The transaction terms were not disclosed.

RIT Capital Partners
RIT Capital Partners plc is an investment trust listed on the London Stock Exchange. It is chaired by Lord Rothschild, whose family interests retain a significant holding. For 2011 it won the Best Large Trust award from the Investment Trust Journal, for its outstanding performance.

Rockefeller & Co
Headquartered in New York and with offices in Boston, Washington D.C., Stamford, Connecticut, and Wilmington, Delaware, Rockefeller & Co. provides comprehensive investment and wealth management services to a diversified global client base of families, trusts, foundations and endowments and other institutions. As of March 31, 2012, the firm and its subsidiaries had approximately US$34bn in client assets under administration.

Role
SHP acted as financial adviser to RIT Capital Partners.

RIT Capital Partners

Transaction Summary
On 16 March 2012, RIT Capital Partners plc and Edmond de Rothschild Group announced the creation of a strategic partnership. The parties have entered into a joint venture through the creation of a new company, with RIT Capital Partners holding 49% and Edmond de Rothschild Group 51%. Edmond de Rothschild Group will contribute its stake in the management company Capital Holdings into the joint venture and RIT Capital Partners will issue new ordinary shares with a market value of £14m to Edmond de Rothschild Group as consideration for the acquisition of its interest in the joint venture. Both parties intend to work together to strengthen their co-operation on investment opportunities and fund management.

RIT Capital Partners
RIT Capital Partners plc is an investment trust listed on the London Stock Exchange. It is chaired by Lord Rothschild, whose family interests retain a significant holding. For 2011 it won the Best Large Trust award from the Investment Trust Journal, for its outstanding performance.

Capital Holdings Funds
Capital Holdings Funds include Leveraged Capital Holdings (LCH), and related funds Trading Capital Holdings and European Capital Holdings. LCH is the world’s oldest fund of hedge funds and a flagship investment vehicle of the Edmond de Rothschild Group. LCH and related funds, which are listed on the Euronext Amsterdam Exchange, have assets under management of US$2.7bn and have generated significant gains for investors since their creation.

Edmond de Rothschild Group
Edmond de Rothschild Group is an independent, family-owned group focused on private banking and asset management. Founded in 1953, Edmond de Rothschild Group has been chaired since 1997 by the founder's son, Baron Benjamin de Rothschild. The Group has more than US$150bn in assets under management and 2,700 employees in 30 offices around the world. In addition to its main activities in asset management and private banking, the Group’s financial activities include fund administration and corporate advisory services. Compagnie Financière Saint-Honoré is the Group’s French holding company.

Role
SHP acted as financial adviser to RIT Capital Partners.

Arkos Capital

Transaction Summary
On 28 February 2012, GAM Holding announced that it entered into agreements for the purchase of 100% of Arkos Capital. Under the terms of the agreements, GAM will acquire 75% of Arkos’s share capital immediately after the receipt of certain regulatory approvals. The remaining stake of 25%, currently held by the management of Arkos, will be acquired through deferred cash payments linked to the future development of the business. The terms of the transaction were not disclosed.

Arkos Capital
Arkos Capital is an independent Swiss asset management firm. Arkos’s investment fund strategies were established in 2002 within Arner, a Lugano based private bank, and spun-off into the newly incorporated Arkos Capital SA in 2007. Arkos manages a range of low-volatility, liquid and transparent absolute return funds, both offshore and onshore. Its offering includes long/short equity strategies covering Europe and emerging markets, as well as a specialist offering focusing on financial securities and an active convertible bond strategy. As at year-end 2011, Arkos managed in excess of €530m of assets.

GAM Holding
Established in 1983, GAM Holding is an independent, active investment manager, delivering investment solutions to institutions, intermediaries, private clients and charities from offices in financial centres around the world. Its CHF50.7bn in assets under management (as at 30 June 2011) spans approximately 60 separate investment strategies across equity, fixed income, absolute return, funds of hedge funds, discretionary portfolio management and tailored investment solutions. GAM is listed on the SIX Swiss Exchange and is a component of the Swiss Market Index Mid (SMIM).

Role
SHP acted as financial adviser to Arkos Capital.

Dyal Capital Partners (Neuberger Berman)

Transaction Summary
On 12 December 2011, Dyal Capital Partners announced the acquisition of a passive minority interest in Paris-based, Capital Fund Management (CFM). The stake was acquired from the estate of the firm’s founder Jean-Pierre Aguilar, who died in July 2009. CFM’s management have purchased the remainder of the estate’s stake and will be the majority shareholders after the transaction. CFM retained autonomy over its management, operations and investment strategies, and will continue to be led by the existing senior management team. The terms of the transaction were not disclosed.

Dyal Capital Partners
Dyal Capital Partners is a US$1bn private equity fund established by Neuberger Berman. It focuses on taking minority equity interests in institutional hedge fund companies worldwide. The private equity fund seeks to take advantage of the on-going consolidation in the industry.

Neuberger Berman
Established in 1939, Neuberger Berman is one of the world’s leading independent and employee-controlled asset management companies, managing approximately US$183bn in assets (30 September 2011), including US$81bn in equities, US$85bn in fixed income, and US$17bn in alternatives. Neuberger Berman provides a broad range of global investment solutions to institutions and individuals through customized separately managed accounts, mutual funds and alternative investment products.

Capital Fund Management
CFM was founded in 1991 and specializes in quantitative trading strategies. The firm managed in excess of US$5bn through two funds; Stratus (directional trading, volatility arbitrage and equity statistical arbitrage) and Discus (a managed futures programme). CFM has offices in Paris, New York and Tokyo.

Role
SHP acted as financial adviser to Dyal Capital Partners.

Harbourmaster Capital

Transaction Summary
On 6 October 2011, GSO Capital Partners, the global credit platform of The Blackstone Group, announced the acquisition of Harbourmaster Capital for total consideration of approximately US$230m. The Harbourmaster Capital Dublin-based team will continue to support the Harbourmaster funds, and will form a combined platform with GSO's existing European leveraged loan business to develop new European focused funds for their global investor base. The combined European leveraged loan platform will have approximately €11.5bn in assets under management supported by a combined team of 40 professionals in both Dublin and London.

Harbourmaster Capital
Established in March 2000, Harbourmaster Capital is one of Europe's leading investment advisors of secured bank loans. The firm is dedicated to deep,fundamental, long term analysis of sub-investment grade corporates and investment grade infrastructure projects. Harbourmaster Capital advises clients in respect of approximately €8bn of senior secured loans and infrastructure debt.

Blackstone
Blackstone is one of the world’s leading investment and advisory firms, with US$133bn of assets under management (as at 30 September 2011). Blackstone’s alternative asset management businesses includes the management of private equity funds, real estate funds, funds of hedge funds, credit-oriented funds and closed-end mutual funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services.

GSO Capital Partners, together with its affiliates, has approximately US$34bn of assets currently under management (as at 30 September 2011), and is one of the largest credit-oriented alternative managers in the world and a major participant in the leveraged finance marketplace. GSO seeks to generate superior risk-adjusted returns in its credit business by investing in a broad array of strategies including mezzanine, distressed investing, leveraged loans and other special situation strategies.

Role
SHP acted as financial adviser to Harbourmaster Capital.

BlueBay Asset Management

Transaction Summary
On 18 October 2010, BlueBay Asset Management plc and Royal Bank of Canada announced that their respective boards had reached an agreement on the recommended acquisition of BlueBay by RBC. Under the terms of the recommended public takeover, RBC valued the issued share capital of BlueBay at approximately £963m, representing a premium of approximately 58% to the average closing share price for the three months ended 15 October 2010. The acquisition was implemented by way of a Court sanctioned scheme of arrangement.

BlueBay Asset Management
Founded in 2001, BlueBay Asset Management plc provides investment management services primarily to institutional investors and manages a combination of long-only and alternative products across the sub-asset classes of investment grade corporate debt, high yield corporate debt, emerging market debt, convertible bonds, distressed debt and multi-strategy debt strategies. Based in London with satellite offices in Stamford and Tokyo, BlueBay is one of the largest independent managers of fixed income debt funds and investment solutions in Europe, with approximately US$40.0bn of assets under management (as at September 30, 2010). Listed on the London Stock Exchange since November 2006, BlueBay was a constituent of the FTSE 250.

Royal Bank of Canada
RBC is Canada’s largest bank as measured by assets and market capitalisation, and among the largest banks in the world, based on market capitalisation. RBC is one of North America’s leading diversified financial services companies, and provides personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. RBC is listed on the Toronto Stock Exchange and the New York Stock Exchange, and had a market capitalisation of C$79bn (£49bn) as at 15 October 2010. For the financial year ended 31 October 2009, RBC reported net income of C$3.9 bn (£2.1bn). As at 31 July 2010, RBC employed approximately 78,000 full- and part-time employees who serve close to 18m personal, business, public sector and institutional clients through offices in Canada, the US, and 51 other countries.

RBC Global Asset Management
RBC Global Asset Management is part of RBC Wealth Management which directly serves affluent and high net worth clients in Canada, the US, Latin America, Europe and Asia. RBC Wealth Management provides integrated and diversified international wealth management expertise and solutions, asset management and trust services to high net worth individuals and to corporate and institutional clients. RBC Wealth Management has more than C$500bn (£310bn) of assets under administration, over C$250bn (£155bn) of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers. For the financial year ended 31 October 2009, RBC Wealth Management reported net income of C$583m (£324m), 15.1% of total RBC net income.

Role
SHP acted as financial adviser to BlueBay.

SRL Global

Transaction Summary
On 26 July 2010, SRL Global announced that it had completed a £7.5m capital raise, following investment by Augmentum Capital, a private equity fund backed by RIT Capital Partners plc, and the hedge fund platform, Revere Capital Advisors.

SRL Global
SRL Global is a technology partner offering a turn-key service to Asset Owners and Asset Allocators. Operating as an out-sourced extension to client investment teams, SRL provides its people and market leading investment data infrastructure to deliver an end-to-end investment data management solution meeting 100% of client requirements for data collection/aggregation, data warehousing and data analytics. Initially established in 2007 as a trading and technology joint venture with Man Group plc to develop a proprietary enterprise wide investment platform for the company, SRL Global was spun out by the management team as an independent operating entity in July 2009.

Augmentum Capital
Augmentum Capital was formed by Tim Levene and Richard Matthews in 2009. Its first fund is backed solely by RIT Capital Partners plc, the London listed investment trust whose substantial investor is Jacob Rothschild and family. Augmentum Capital focuses on dynamic, growth businesses that are break-even or profitable in the e-commerce and technology sectors. Geographically its prime areas of focus include the UK and Hong Kong.

Revere Capital Advisers
Revere Capital Advisors LLC is a New York, London and Singapore based hedge fund platform and Investment Company that obtains revenue shares and/or equity interests in hedge funds and related businesses and leads the sales, marketing and distribution of their products as well as providing operational and corporate advisory services. As at July 2010, Revere portfolio managers had over US$1.5bn of assets under management.

Role
SHP acted as financial adviser to SRL Global on its strategic options, which culminated in the capital raise.

Martin Currie

Transaction Summary
On 1 June 2010, Martin Currie announced the acquisition of the Sofaer Capital European long/short equity business, with approximately US$280m of assets, of which US$140m was in the Sofaer Capital European Hedge Fund and US$140m in two separate accounts. The two principals who managed the assets, Michael Browne and Steve Frost, have also joined Martin Currie. Terms of the transaction were not disclosed.

Martin Currie
Martin Currie is a specialist active equity manager. From its headquarters in Edinburgh, the company manages £12bn (as at 30 April 2010) for clients worldwide, including financial institutions, charities, foundations, pension funds and investment trusts.

Martin Currie has over nine years’ experience running hedge funds, with assets under management of US$1.2bn (as at 1 April 2010). The Company currently manages six single-strategy equity long/short funds covering Japan, Greater China, Global Resources, Global Energy, Global Financials and Global TMT, as well as a diversified equity long/short fund – Omnium – which invests in the entire hedge-fund range.

Sofaer Capital
Sofaer Capital, one of the longest-established hedge-fund managers, was founded by Michael Sofaer in Hong Kong in 1986. The firm manages over US$600m (as at June 2010) across six fundamental equity long/short strategies, and has a highly experienced Asian, European and Global investment team. Most of the firm’s investment professionals and staff of 26 people are based in London and Hong Kong.

Role
SHP acted as financial adviser to Martin Currie.

DP Property Europe

Transaction Summary
On 14 May 2010, the Board of DP Property Europe announced that it had received a requisition from Dinu Patriciu Global Properties Limited (DPGP) to convene an EGM to remove the independent board and delist the company. This followed an indicative proposal received by the Company from DPGP in March 2010. In July 2010, DPGP’s subsidiary Eve Acquisitions announced the recommended cash offer for the company.

Background
DP Property Europe (known at the time as Rutley European Property Limited) was floated in November 2006 at a price of 100p per Share. In July 2009, DPGP (known at the time as Black Sea Global Properties Limited) acquired 74% of the Company via a recommended public offer at 7.25p per Share.

Role
SHP was appointed Rule 3 adviser by the Board of DP Property Europe to advise it on the indicative proposal and subsequent requisition.

Hinduja Group

Transaction Summary
On 21 May 2010, the Hinduja Group announced the acquisition of KBL European Private Bankers (KBL) from KBC Group for a total consideration of €1.35bn. The transaction comprises the sale of KBC’s entire interest in KBL and includes all the private banking subsidiaries as well as the custody and life insurance businesses. The KBL brand, management team and operations will be maintained in their entirety and KBL will continue to be headquartered in Luxembourg.

The transaction ultimately did not complete.

Hinduja Group
The Hinduja Group is a diversified international group founded in 1914 and employing over 50,000 people. It is headquartered in Europe and has offices in many of the largest cities in the world and all major cities in India. The Group has a 30-year history of long-term investments in 10 key sectors covering automotive, energy, hydrocarbon chemicals, information technology, media,and entertainment, infrastructure and project development, real estate, healthcare, trading and banking and finance.

In the banking sector, the Hinduja Group owns Hinduja Bank Switzerland, a private bank active across Europe, the Middle East and India in wealth management, private banking, trade finance and corporate advisory services. It was founded in Switzerland in 1978 and has held a Swiss banking license since 1994. It is headquartered in Geneva with operations in Switzerland, Dubai, the UK, France, the US, Mauritius and India.

KBL
KBL epb operates a unique private banking business model focused on local client service supported by centralised operations. This model has resulted in the global-hub concept based in Luxembourg with control functions such as audit, compliance and risk management. KBL operates some of the strongest brands in leading European markets, including Theodoor Gilissen Bankiers (Netherlands), Merck Finck & Co (Germany), Puilaetco Dewaay (Belgium), Brown Shipley & Co (United Kingdom) and KBL epb Richelieu Banque Privée (France).

At the end of 2009, KBL had assets under management totalling €47bn. The group employed 2,661 staff, 466 of whom are private bankers.

Role
SHP acted as financial adviser to the Hinduja Group.

Thornhill

Transaction Summary
On 11 December 2009, Cazenove Capital Management announced the acquisition of Thornhill Holdings Limited. This deal will give Cazenove Capital access to a successful and well established private client business in Edinburgh. Through the acquisition, it is estimated that Cazenove Capital will add over £600 million of assets managed on behalf of clients throughout the UK.

Thornhill
Thornhill is an independent fund management company, founded in 1985, devoted to growing the wealth of private clients from offices in Edinburgh and London. Thornhill’s Scottish business came out of Martin Currie in 2003. Thornhill looks after over £600m and specialises in managing segregated portfolios for individuals, family trusts, companies, charities, self invested pension schemes, bespoke unit trusts and OEICs.

Cazenove Capital Management
Cazenove Capital Management is an independent asset management company which is owned largely by its employees and former employees, and has £13.5bn of assets under management (as at November 2009). It provides specialist investment management and high quality advice, centred on excellence in UK and European equities and fixed income to professional advisers, institutions, charities and private individuals.

Role
SHP acted as financial adviser to Thornhill.

BlueBay Asset Management

Transaction Summary
On 17 November 2006, BlueBay Asset Management plc announced the successful placing of its IPO on the Main Market of the London Stock Exchange. The offer size was approximately £189m (before over-allotments), which achieved a market capitalisation of £571m and membership of the FTSE 250. The Company did not raise any new money in the IPO, with the principal sellers being BlueBay’s institutional shareholders, Barclays Bank PLC and Shinsei Bank, and the management founders. Concurrent with the IPO, an institutional investor acquired a minority strategic interest in BlueBay.

BlueBay Asset Management
Founded in 2001, London-based BlueBay Asset Management (now part of RBC) provides investment management services primarily to institutional investors and manages a combination of long-only and alternative products across the sub-asset classes of investment grade corporate debt, high yield corporate debt, emerging market debt, convertible bonds, distressed debt and multi-strategy debt strategies. At the time of the IPO, BlueBay managed over US$8bn of assets (as at 30 September 2006).

Role
SHP advised BlueBay on its strategic alternatives and subsequent decision to list on the London Stock Exchange. SHP acted as financial adviser for Company in the IPO and in relation to the minority investment made by the institutional investor.