Sumitomo takes 40% stake in NewSmith for strategic partnership

Thu Dec 15, 2011

Read more:

NewSmith, the London-based asset management group formed by senior executives of Merrill Lynch and its predecessor firms Smith NewCourt and Mercury Asset Management, has taken a major step forward in its strategic development with the announcement of a partnership with leading Japanese financial group Sumitomo Mitsui Trust Holdings.

In a transaction announced this week, Sumitomo Mitsui Trust Holdings - through its Sumitomo Trust & Banking (STB) asset management arm - is to acquire a minority interest in NewSmith LLP and establish a strategic partnership with the firm.

STB is buying 40% of NewSmith LLP, the entity that will acquire the asset management businesses of NewSmith Capital Partners, in a deal that is reported to put a value of some £80-100 million on the business. The remaining 60% will be owned by NewSmith's partners.

STB will be appointing three members to the board of NewSmith...


The full contents of this article are only available to active EuroHedge subscribers and trialists.

To continue reading please,
take a free trialsubscribe or log in to EuroHedge.


Subscribers have unlimited access to all current content, including hedge fund performance Live League Tables. Start your subscription today - click on the button below.

Subscribe now