28 June 2011

Ackermans & Van Haaren/Delen make 70% investment in JM Finn & Co

Ackermans & van Haaren (AvH), the diversified Belgian investment group, has agreed today to acquire a major stake in JM Finn & Co


Belgian investment group to support continued growth of discretionary manager in the UK wealth management market

Subject to the results of the tender offer, AvH/Delen is expected to purchase approximately 70% of JM Finn & Co, with the current management team and staff retaining the remainder and thereby staying fully engaged and committed to the further success of the business.

Luc Bertrand, CEO of Ackermans & van Haaren, said:

”Over the years, Delen has built a position as one of the top two independent wealth managers in Belgium, and has for some time been seeking to acquire a presence in another European market beyond Luxembourg and Switzerland, where they have long established subsidiaries. We have concluded that the UK onshore wealth management market is particularly attractive due to the established equity culture and the increasing penetration of discretionary management, which leads to high quality of revenues and earnings.”
Jacques Delen, CEO of Delen Investments said:

“In JM Finn & Co, we have found a management team and investment managers who fully share our private client-centric philosophy, and a business of the highest quality.

We are looking forward to supporting JM Finn in becoming an even more prominent player in UK wealth management. We are proud that the new Delen/JM Finn combination will manage more than €22bn of private client assets.”

James Edgedale, Chairman of JM Finn & Co said:

“Our firm has now reached a size, with over £6.3 billion of client funds, where a powerful partner will further accelerate growth. In AvH and Delen, we have found a partner with fully compatible philosophy and culture and that understands and respects our way of doing business. Like our investment managers, they know that focus on clients’ long term interests is the key to client retention and referrals of new clients.

AvH and Delen bring capabilities and experience that will be valuable as with their support, we build an even more prominent position in the UK market. They have an outstanding long term track record in shareholder value creation, the drivers of which are investing in growth and backing of management teams.

For our clients, there will be no change, but the support of a prominent European group will clearly be positive. For our people, the raised growth will lead to more opportunities as we raise our profile and attract more new clients.”

About Ackermans & van Haaren:

Ackermans & van Haaren is a diversified group active in 5 key sectors: contracting, dredging and concessions, real estate and related services, private banking, private equi ty and a recent development in energy and materials. The AvH group represented in 2010 had revenues of €2.8 billion. The group concentrates on a limited number of strategic investments with significant potential for growth. AvH is listed in Belgium and a constituent of the BEL 20 index (with a market capitalisation of approximately €2.4 billion), the Private Equity NXT index of Euronext Brussels and the European DJ Stoxx 600.

About Delen Investments:

Delen Investments specialises in asset management and asset management advice for a wide range of mainly private clients. The assets under management continue to grow and have reached a historical high of €15.3 billion (31st December 2010).

About JM Finn & Co:

JM Finn & Co is a private client wealth management business with £6.3 billion funds under management or administration as of April 30, 2011. For the year 2009/2010 (ended April 2010), JM Finn & Co generated a profit after taxation of £4.8 million on revenues of £ 37.1 million. Net equity amounted to £12.8 million as of April 2010. Established as a partnership in 1945, JM Finn & Co incorporated in 2006. The business is at present privately owned and employs 279 people. Head office is in the City of London, with offices in Leeds, Bristol, Ipswich, Bury St Edmonds and Cardiff.

JM Finn & Co is a member of the London Stock Exchange. JM Finn & Co is authorised and regulated by the Financial Services Authority. JM Finn & Co was advised on this transaction by Bjorn Ramell of Ketton Securities Limited.

Media contact details:

Hill & Knowlton

Suvra Datta

Account Director

Direct Line: 020 7413 3710

suvra .datta@hillandknowlton.com