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...

ISSN: 2151-1845 / CDC10004H


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

Popular Searches on HFI