Guernsey-headquartered discretionary fund manager MitonOptimal International has acquired Coram Asset Management following the passing of one of its co-founders, Martin Gray, last month.
Coram co-founder James Sullivan will continue to run its Global Defensive, Global Balanced and Global Opportunities funds following the acquisition, which is subject to FCA approval.
Gray, who co-founded Coram with Sullivan in September 2014, passed away in May following a short battle with cancer.
In a statement, Sullivan said: “Martin Gray’s influence at Coram Asset Management as a co-founder, fund manager and shareholder was significant and his passing marked an inflection point in our business model which led us to explore a number of options available to us.
Sullivan said the deal met the long-term interests of investors. “The company has close to half a billion pounds in assets under management and the balance sheet strength that allows Coram to implement its strategy at a pace that exceeds original expectations.”
Scott Campbell, managing director and chief investment officer at MitonOptimal says: “‘We are excited at the prospect of their joining the MitonOptimal team as we continue to develop our discretionary fund management, advisory services and funds business on a global basis.”
Founded in 2002, MitonOptimal offers multi asset funds, discretionary fund management and advisory services to intermediaries and institutional investors around the globe.