Credit Suisse sells JOHIM to Bermuda National

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Bermuda National Limited has completed the deal to acquire JO Hambro Investment Management for an undisclosed sum.

BNL has bought the London-based specialist investment manager, which has assets under management of around £3.9bn, from Credit Suisse Group.

The Bermuda-listed financial services holding company says it intends to retain JOHIM’s management team, client relationship focus and investment process following the acquisition.

JOHIM chief executive Hugh Grootenhuis says: “We are pleased to have now completed this important transaction and would like to thank our clients for their patience during this period.

“We believe that it is to the credit of both Credit Suisse and BNL that the transition has been handled with as little disruption to the business as possible. We look forward to working with our new partners in what we believe will be an exciting new phase in our development.”

Grootenhuis adds that the firm is in the process of developing new branding to reflect the change in ownership and will announce details of this “shortly”.

BNL chairman Warren McLeland says: “The acquisition of JOHIM is a significant one for BNL and will provide a number of opportunities for the group going forward.

“BNL continues to look at opportunities in the financial services sector and the acquisition of JOHIM is indicative of the type of quality company that BNL is seeking to identify to grow the group further.”