(Sharecast News) - Specialist alternative asset manager Gresham House announced completion of the acquisition of Appian Asset Management, following regulatory approval from the Central Bank of Ireland, on Tuesday.
The AIM-traded firm said Appian, based in the Republic of Ireland, is an active asset manager with around €350m (£300.77m) in assets under management as at 31 December.
It said the acquisition would enhance its capabilities to develop existing strategies in Ireland and Europe, particularly those with a sustainability focus, including forestry, sustainable infrastructure and real estate.
Appian's existing funds would complement those offered by Gresham House, and would benefit from the support of the Gresham House brand, infrastructure and central resources, the board said in its statement.
"In addition, the ambition to increase its presence in alternative asset classes dovetails with the group's existing forestry asset management platform and growth strategy in Ireland," the directors said.
The acquisition forms part of the group's international expansion plans as the addition of a regulated EU-based platform post-Brexit.
"It accelerates Gresham House's growth plans, as set out in its five-year strategy 'GH25', and is expected to be earnings-enhancing for the group, with potential further value creation through synergies and identified growth initiatives."
Application would be made for the admission to trading on AIM of 104,168 new shares, to be issued as part of the acquisition's initial consideration.
It was expected that the new shares would be admitted to trading on AIM on or around 5 July.
"Appian will be known as Gresham House Ireland going forward, subject to regulatory and other approvals," the board confirmed.
At 0829 BST, shares in Gresham House were up 0.55% at 911p.
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