Hiscox Acquires Eldon Capital
By Lisa Howard, International Editor
NU Online News Service, Sept. 4, 11:16 a.m. EST, London?Hiscox plc has acquired the specialist fund management business of Eldon Capital Management Limited, a subsidiary of Fox-Pitt, Kelton Group Ltd., for an undisclosed sum of cash, the company announced today.
No net assets are being acquired in the transaction, which is subject to regulatory approvals and is expected to be completed Sept. 30.
This acquisition will double the third-party funds that Hiscox, a specialist insurer based in London, currently manages through its Hiscox Investment Management Limited subsidiary.
Total third-party funds under Hiscox management would reach ?120 million ($192 million). These funds are in addition to the ?650 million ($1.0 billion) that Hiscox Investment Management supervises on behalf of the Hiscox Group, Hiscox said in a statement.
The two companies have "a long-standing business relationship and have entered into a three-year brokerage and research agreement to draw on FPK's acknowledged expertise and research in the financial sector," Hiscox said. (FPK, which is an international investment bank focused on the financial services industry, is a wholly owned subsidiary of Swiss Re.)
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