British specialist alternative asset manager Gresham House has agreed to purchase Dublin-based investment group Appian Asset Management in a deal valued at up to €10m.
The deal, which is expected to occur in the first half of next year, is pending approval from the Central Bank of Ireland.
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Founded in 2002, Appian specialises in a range of asset classes including equities, property, infrastructure, and forestry. It has €330m in assets under management.
Gresham House CEO Anthony Dalwood said that Appian’s funds will be complementary to the company’s current forestry portfolio.
Commenting on the deal, Dalwood said: “The opportunity to build Gresham House further internationally through establishing a regulated platform in Ireland will allow us to grow our specialist asset management capabilities both in Ireland and the EU.”
Gresham House oversaw £3.3bn (€3.6bn) in assets at the end of June 2020.
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By GlobalDataAppian CEO Patrick Lawless said: “The size and strength of Gresham is a real bonus. We will have access to new and exciting products which we could not develop on our own. In addition, they know and like the Irish market and want to grow the business here considerably.”
As part of the transaction, Lawless will become the managing director of Gresham House Ireland. He will also be part of the board of Gresham House Asset Management.
Appian will continue to offer its current products and funds. Additionally, it is expected to offer relevant products within the investment products and services suite of Gresham House.
In 2018, Gresham House agreed to acquire FIM Services, an alternative investment fund manager specialising in UK real assets.
Recent deals in Irish wealth management space
Last month, it was reported that insurance giant Irish Life is in talks to acquire local wealth manager Harvest Financial Services.
In October this year, asset management consultancy MJ Hudson continued its growth trajectory by agreeing to purchase Irish funds service provider Bridge Group.
Last year, British wealth manager Brewin Dolphin closed the purchase of Investec’s Irish wealth management unit.
