Bermuda National Limited acquires JOHIM

Bermuda National Limited has completed its acquisition of JOHIM CS Limited, the holding company of JO Hambro Investment Management Limited.

No acquisition price was released.

JOHIM is a London-based specialist investment manager which focuses on discretionary portfolio management for private clients, charities and institutions as well as offering a suite of in-house managed investment funds. JOHIM’s head office is in St James’s in London and it has over 100 employees including 25 portfolio managers who have been with the business for a number of years.

It currently has over $6 billion of assets under management.

Warren McLeland, chairman of BNL, said in a press release: “The acquisition of JOHIM is a significant one for BNL and will provide a number of opportunities for the group going forward. BNL continues to look at opportunities in the financial services sector and the acquisition of JOHIM is indicative of the type of quality company that BNL is seeking to identify to grow the group further. We are looking forward to working with JOHIM’s management to continue to build the company based on the excellent track record that they have achieved to date.

“We are pleased to note that shareholders interested in approximately 87 per cent of BNL at the time of the bonus warrant issue in February 2013 have subsequently exercised their bonus warrants, raising approximately $22.6 million for the Company. We believe this is a strong show of support for BNL and its strategy.”

Hugh Grootenhuis, CEO of JOHIM, said: “We are all delighted to have completed this important transaction. We are most grateful to our clients for their patience during this period and we believe that it is to the credit of both Credit Suisse and Bermuda National Limited that the transition has been handled with as little disruption to the business as possible. We look forward to working with our new partners in what we believe will be an exciting new phase in our development.”