The acquisition will see Gresham House gain four new VCTs with a combined AUM of £369m: Mobeus Income & Growth, Mobeus Income & Growth 2, Mobeus Income & Growth 4 and the Income & Growth VCT.
The purchase means Gresham House now has £850m under management in VCTs, which the firm said will “help enhance returns for Mobeus and Gresham House’s VCT investors and further accelerate growth of the group’s VCT AUM”.
It added that the acquisition, combined with organic growth since the start of the year, has led to an uptick in AUM to £5.4bn for the group as a whole. Gresham House will issue a total of 38,000,819 ordinary shares from today, with trading in vendor placing shares and consideration shares on AIM commencing at 8am.
A spokesperson for the company said: “Mobeus VCTs’ strong brand and long term investment performance provide a close fit with Gresham House’s reputation for governance, fund performance and investment culture, and the high-quality and experienced Mobeus team is culturally aligned with the Gresham House team, bringing complementary skills.
“The acquisition also gives the Mobeus VCTs access to Gresham House central resources, existing investment resources and network to support their long-term investment ambitions, while the acquisition structure provides a framework to both incentivise and retain key Mobeus VCT team members.”
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