Blackfriars Asset Management, a London-based investment boutique owned by BNY Mellon, is planning to acquire BDT Invest, an Asian equity specialist setup by former First State and Invesco employees.
As part of the deal, BDT’s founders Henry Thornton, Simon Dobson and Stephen Simmons will join Blackfriars Asset Management.
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Additionally, all the BDT’s funds will be renamed under the Blackfriars brand.
Post acquisition, the £30 million BDT Invest Asian Focus fund will be renamed as Blackfriars Asian Focus fund, while the £16 million BDT Invest Oriental Focus is set to close.
Following the acquisition, Blackfriars will become the investment manager of the Establishment Investment Trust, a UK-listed investment trust managed by BDT Invest, and Henry Thornton will remain the portfolio manager with primary responsibility for the management of The Establishment Investment Trust’s portfolio.
However, there will be no change in the investment management fees and the existing performance fee provisions will be dropped.
The deal is expected to take place in July 2014.
Founded in 1998, Blackfriars currently operates as a subsidiary of the Hamon Investment Group, which part owned by BNY Mellon.
