Close Investments Continues Expansion With Multi-Manager Acquisition from Aon

Nick Parmee

6 February 2007

Close Investments, the specialist investment division of London-based Close Brothers group, has acquired Aon’s UK-based multi-manager business. This follows Close’s acquisition of Escher – now rebranded as Close TEAMS – in July 2005. The two businesses will be merged as Close Multi-Manager, with assets under management of about £2 billion ($3.9 billion) and will be headed by Adrian Swales, who comes with the acquisition, as chief executive and Steve Delo of Close TEAMS as managing director and Tommy Garvey from Aon as chief investment officer. Close TEAMS’ managers, Nicola Springall and Patrick Norwood, will also feature in the new set-up. Close Investments chief executive, Rufus Warner, said: “Success in multi-management depends on three things – critical mass to ensure well priced access to the best managers, a quality manager selection engine and efficient delivery of cutting edge manager combinations. The acquisition of Aon Asset Management and its merger with Close TEAMS enhances all three.” Close Investments was created by Close Brothers in October 2006 following an extensive intra-group reorganisation and as part of a strategic exercise to simplify and develop its asset management structure.