MGIM acquires Seneca Investment Managers to create £4.7bn AUM business

Following the transaction, the completion of which is subject to UK regulatory approval, the VT Seneca funds and the Seneca Global Income and Growth Trust managed by Seneca Investment Managers will combine with MGIM's three Focus funds and range of seven managed model portfolios to create a "comprehensive offering" for DFMs, advisers and clients. MGIM said that the Seneca funds will assume the Momentum brand but will continue to follow Seneca's naming conventions. The acquisition will see the combined business maintain a presence in both London and Liverpool, where Seneca Investment M...