Vontobel’s Acquisition of TwentyFour Asset Management LLP

In UK Ashurst, advised on the matter.

Ashurst advised Vontobel with a team including Rob Aird (Picture – Corporate M&A), Paul Miller (Tax M&A and Deal Advisory).

Vontobel acquired the remaining 40% stake in TwentyFour Asset Management LLP (TwentyFour), to become the 100% owner of the boutique.

Vontobel acquired an initial 60% tranche of TwentyFour in 2015 and the intention then had been to acquire two 20% stakes in each of 2021 and 2023. This transaction accelerated the proposed timetable and allowed Vontobel to acquire the remaining 40% in a single tranche. The acceleration of the acquisition gives greater clarity to clients and ensures focus remains on delivering outstanding performance and client service for the long term. As part of the transaction, TwentyFour’s LLP agreement was amended to reflect the new ownership structure.

TwentyFour is a London and New York based boutique fixed-income asset manager focused on strategic income, outcome driven and asset-backed securities. The TwentyFour team will remain operationally independent and will continue to service its clients from offices in London and New York, while leveraging the benefits of the Vontobel infrastructure, client base and international distribution capabilities. TwentyFour has developed successfully since Vontobel acquired its initial stake in 2015. As a consequence of this success, each party decided to accelerate Vontobel’s acquisition of the remaining 40% stake. Part of the consideration for the acquisition will be paid in Vontobel shares, underlining the commitment of both parties to the new ownership structure.

The Ashurst team was led by partner Rob Aird (Picture), with support from senior associates Jacob Gold and Nick Lever and associate Catherine Heath. Tax partner Paul Miller also advised.
 

Involved fees earner: Rob Aird – Ashurst; Jacob Gold – Ashurst; Nick Lever – Ashurst; Paul Miller – Ashurst;

Law Firms: Ashurst;

Clients: Vontobel;

Author: Giulia Di Palma