1/19/2010 9:36:00 AM Capital G to merge with KAST Capital G press release
* Photo supplied. From left: James Gibbons, chairman of Capital G Bank Limited, Ann Kast, president of Kast Investment Management Limited, Joel Schaefer, president and CEO of Capital G Investments Limited, and John Kephart, president and CEO of Capital G Bank Limited and Capital G Trust Limited
Capital G press release
TUESDAY, JAN. 19: Capital G Investments Limited has announced it will merge with Bermudian company Kast Investment Management Ltd. The merger brings its total assets under management to more than $650 million and a total client base of over 400.
KAST is an independent investment management company formed in 1991 by Anne Kast. It has seen tremendous growth based on its core mission to provide clients with the very best investment advice, long-term growth and superior customer service.
Capital G president and CEO Joel Schaefer said: "KAST is an investment company that is fully licensed by the Bermuda Monetary Authority and has over $250 million in assets under management spread across more than 250 clients and comes with the highly regarded President and Investment Manager, Ms Anne Kast, who is known for her distinction in client services.
"The amalgamation is part of a long-term strategic plan to grow our investment business while providing clients of the Capital G Limited Group, which includes Private Banking, Investments and Trusts, with access to best of breed investment advice, global reach, diversification of instruments and an expanded investment management network.
"KAST provides Capital G with a unique opportunity to become affiliated with a strong performing and well established investment business," Mr. Schaefer continued.
KAST has relationships with internationally recognized fund management companies such as GAM, Schroders, Barings, Fidelity and JP Morgan Fleming to name a few. Under the direction of Ms Kast and the expertise of a variety of highly qualified fund managers from the various groups mentioned, KAST has grown investments consistently since its inception.
Ms Kast stated: "After detailed research and much discussion I found a partner in Capital G whose mission, philosophies, values and practices are ideally suited to charter the organization into the next decade.
"I've been in the investment business for more than 35 years and part of my business model included development of a succession plan to ensure long-term security and financial growth for my clients, who are deeply valuable to me both professionally and personally."
Mr. Schaefer said to facilitate a seamless transition, Ms Kast will continue on with Capital G for at least three years with an opportunity of extension following the term. She will have the full support of the Capital G Private Banking and Investments team, which she will personally train in the same processes and procedures implemented under Kast Investment Management Ltd.
Under the merger, KAST and existing Capital G clients can look forward to access to a broader team of investment professionals, incorporation of a strategic investment process to enhance the existing process of KAST, direct access to Capital G Private Banking and general banking services, including credit, trust, and deposits, as well as a broader range of investment options.
KPMG Advisory, acting as lead merger and acquisition advisor for Kast Investment Management Limited, provided full transaction advisory services.
Mike Morrison, managing director of KPMG Advisory, said: "Capital G and Kast Investment Management Limited are well respected financial services providers in the Bermuda market. This transaction is a clear win for both of them and their existing clients. We wish them all success in the future."
Jason Barger, head of offshore sales for Schroders, added: "The compatibility of these two organizations presents a stronger unity in the marketplace. Their complementary approaches to wealth management will undoubtedly benefit their clientele. As an organization, we are thrilled to be associated with the combined entity."
KAST will undergo a physical move to Capital G's offices later in the year.
