The deal was closed yesterday and is the first asset management acquisition announced in the UK after the Brexit vote. The Cambridge-based boutique manages $4bn in assets for institutional clients, and its acquisition is part of a strategic move by GAM to establish a bigger footprint in alternative investments.
“The decision [to buy Cantab] is a long-term strategic decision which has been in the works for a long time. Brexit has played no role in it,” a GAM spokesperson told Expert Investor.
As part of the deal, the Cantab partners committed to re-invest the majority of the net sales proceeds into Cantab’s funds for several years. In return the former partners “retain a 40% interest in future performance fees”, said GAM.