BNP Paribas Investment Partners (BNPP IP), a European asset manager, has acquired London-based multi-manager IMS Group.
This move will reinforce BNPP IP’s expertise in the fast-growing multi-manager sector and expand its activities in the UK, the second largest market in the world for such products and services. IMS will join the FundQuest brand, BNP Paribas’ multi-management flagship.
IMS has 6.5 billion in assets under management and advisory. Since its establishment in 1999 by Richard Timberlake and Peter O’Connor, IMS has gained strong market positions in both manager of managers and fund of funds mandates. With the acquisition of IMS, FundQuest’s assets under management will total 47 billion. FundQuest manages and provides investment advice on portfolios as well as assistance and open architecture services. The combined businesses of FundQuest and IMS will comprise over 210 employees, including 48 investment professionals operating on a global basis through three investment centres in Boston, London and Paris.
Timberlake and O’Connor will continue to be actively involved in the investment management of IMS and stay as directors. Antony John will remain CEO of IMS and report to Michel Anastassiades, global head, FundQuest. Chief Information Officer Giles Gilbertson and his team of investment professionals will continue to manage client portfolios in accordance with their proven philosophy and process.
“This acquisition is a new step in our multi-specialists strategy, as it reinforces our ability to deliver comprehensive and innovative solutions to existing and new clients anywhere in the world. The UK market remains a priority for the development of BNPP IP, and with this alliance FundQuest gains momentum as a global multi-manager and open architecture services provider, a market that is expected to grow by nearly 20% a year,” says Gilles Glicenstein, head, BNP Paribas Investment Partners.
“We are all looking forward to working with people who share the same values, research philosophy and vision. What particularly impressed us was the commitment shown by BNP Paribas and FundQuest to our continuing corporate development and culture. This will allow us significantly to expand our client service. In addition, the alliance of FundQuest and IMS creates a significant global player in multi-management and open architecture services,” says Timberlake.
“We have already established an excellent working relationship with IMS. We share the same key principles of selecting external managers on investment merit and constructing portfolios that ensure performance consistency over the long-term. The combination of our two companies’ skills and experience will add significant value to our clients in Europe and internationally, and shape an unrivalled global multi-management specialist,” adds Anastassiades.