Tavistock raises capital in new strategic partnership

Simon bought 3 million Tavistock shares, equivalent to 4.94% of the company and was welcomed by the board as a "significant new investor".

The remaining shares were bought by members of the management team, including chairman Oliver Cooke and CEO Brian Raven, who now own 4.45% and 10.78% of the company respectively.

Simon's multi-asset boutique Hamon Group is based in Hong Kong and London. In the UK, it owns the global emerging market specialist Blackfriars Asset Management, which it acquired from BNY Mellon in 2011.

According to Tavistock, the strategic partnership with Hamon Group will allow it to "significantly increase the assets invested in its funds", while the two groups also have ambition for "identifying acquisition opportunities in the wealth and asset management sectors in the UK and Europe".

Tavistock's CEO Brian Raven said: "We are pleased that the fundamental value of the company, the potential of our strategic initiatives, and in particular, the wide appeal of our protected funds, have been recognised by such an experienced industry figure.

"We look forward to progressing our growth plans together. The Placing has also strengthened the company's working capital and regulatory capital position."

Hugh Simon, Hamon Group's owner and chief executive, added: "Hamon Group sees the UK wealth market as an attractive segment and one that is particularly well suited to Tavistock's growing suite of guaranteed and ESG products.

"I am delighted to be able to support Tavistock's continued growth and to explore areas of potential synergy between our two organisations."

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• Topics
• Companies
• Tavistock
• Brian Raven
• Hamon Group
• Blackfriars Asset Management
• BNY Mellon
• Hugh Simon