Hiscox has acquired Eldon Capital Management's specialist fund management business, for an undisclosed cash sum.
Subject to regulatory approvals the acquisition will double the third party funds cu ...
Hiscox has acquired Eldon Capital Management's specialist fund management business, for an undisclosed cash sum.
Subject to regulatory approvals the acquisition will double the third party funds currently managed by Hiscox Investment Management Ltd. Under the deal its third party funds will rise to £120m, in addition to the £650m Hiscox Investment Management supervises on behalf of the Hiscox Group.
Hiscox chairman Robert Hiscox said: "The acquisition builds on the success of Hiscox Investment Management We see a bright future in the current economic environment to
expand our range of specialist financial funds to take advantage of our expertise in these niche areas of investment."
Eldon Capital Management Limited is a subsidiary of Fox-Pitt. Hiscox and Fox-Pitt have entered into a three-year brokerage agreement.
Chairman of Fox-Pitt Anthony Hamilton said: "The Hiscox Group is an excellent home for the Eldon funds and we anticipate that its specialised focus will flourish there, to continue the strong performance record".
