Threadneedle has taken a majority shareholding in manager of managers (Mom) provider Attica Asset Ma...
Threadneedle has taken a majority shareholding in manager of managers (Mom) provider Attica Asset Management.
Attica becomes an autonomous unit within Threadneedle and will remain independent in terms of operations and investment processes.
Threadneedle has said it has no plans to launch its own branded multi-manager offering for the UK retail market.
As has been the case since Threadneedle bought an initial 29.9% stake in the Mom provider in June 2002, it will remain excluded from consideration as a potential manager within Attica's multi-manager products.
Although primarily used as part of a pension portfolio, the Attica Mom offering will not be a formal component of Threadneedle's own supermarket for defined contribution (DC) schemes, launched in February last year.
Communications director at Threadneedle Richard Eats said the choice of funds under the group's open architecture DC plan is down to the scheme trustees.
While the trustees are able to choose the Attica offering if they wish, Eats said both groups are keen to maintain the distance between themselves, as exemplified by the exclusion of Threadneedle's own funds.
Neither company would reveal exactly how much Threadneedle now owns, although the group is known to have bought out original backer and chairman Robert van Maasdijk.
The senior management team within Attica's multi-manager business, including founders Derrick Dunne and Guy Davies, have retained their financial interest in the company and there will be no change in its day-to-day operations.
Attica currently has more than £400 in client assets under management, with the majority of new business coming from UK pension funds.
The group lost its UK retail presence earlier this year when Scottish Mutual closed the Investment Intelligence option within its Flexible Investment Bond as part of the launch of Abbey National MultiManager.
An ambitious objective
'Something completely new'
'Illusion of control'
Reasons to be cheerful
Total investment reaches £9m