(Alliance News) - Polar Capital Holdings PLC on Monday said it has completed the acquisition of the International Value and World Value equity teams from Los Angeles-based asset manager First Pacific Advisors LP.
Polar Capital said it has established a new joint venture, Phaeacian Partners LLC, with assets under management as at the end of September totalled USD545 million.
The active asset manager said it has reorganised two mutual funds - the FPA Paramount fund and the FPA International Value fund - into the Phaeacian Global Value fund and the Phaeacian Accent International Value fund, which are led respectively by Pacific's Pierre Py and Greg Herr.
"The establishment of Phaeacian Partners is the next step in Polar's strategy to build out our international and global products and our institutional presence in North America. The strategies that Pierre and Greg will manage for us, as well as their investment philosophy, are a natural fit with Polar Capital's investment-led approach to managing our clients' money," said Polar Capital Chief Executive Gavin Rochussen.
Shares in Polar Capital Holdings were trading down 0.4% at 514.00 pence each on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Polar Capital (POLR)