Close Finsbury Asset Management (‘CFAM’), part of the specialist and institutional division of Close Asset Management Holdings Ltd, announces that it has entered into an agreement to acquire 100% of the share capital of leading manager of managers, Escher UK Asset Management Limited (‘Escher’).  The transaction is subject only to FSA approval.

Escher, formed in 2000, is run by its founders, Stuart Gordon and Steve Delo.  Escher provides an institutional manager of managers investment service. It has a consistent top decile performance record and has grown significantly over the last five years and now has over £550 million of client funds under management with 127 corporate, pension and other clients.

Rufus Warner, CEO of Close Finsbury Asset Management, said:  “This is an exciting opportunity for us. The manager of managers model is the fastest-growing segment in UK asset management.  Escher’s acknowledged proprietary skills in manager selection will help us access the best managers in the world for our clients, both institutional and retail.  The acquisition of Escher brings another high quality award-winning operation into the company, providing access to the pension and other institutional market places.“

Escher ensures that its clients have the appropriate mix of managers to provide the desired risk/return profile, the correct amount allocated to each manager, and the managers employed are the best in class.  Escher’s investment team has built up a reputation in the industry for incisive interrogation, investigation, analysis and evaluation of fund managers.  Escher has won three major industry awards: the 2003 and 2005 Professional Pensions UK Pensions Awards for Multi-Manager of the Year and the 2004 Pensions Management Award for Manager of Managers of the Year.

Escher’s Chief Investment Officer, Stuart Gordon, said:  “Close Finsbury is the ideal home for Escher’s TEAMS manager of managers service.  This is excellent news for our clients. They will be able to continue investing in the sophisticated manager selection typically only accessed by the largest pension schemes.  Furthermore we will be able to draw on Close’s resources and brand name to continue to grow and develop our business.”

Further Enquiries:

Close Finsbury Asset Management:
020 7426 4000
Rufus Warner, Chief Executive                                                           

Escher UK Asset Management:
020 8688 5999
Stuart Gordon, Executive Director & Chief Investment Officer
Steve Delo, Executive Director & Managing Director

Brunswick Group LLP:
020 7404 5959
Rupert Young