MW Eaglewood Europe LLP Merger of Pollen Street Capital and MW Eaglewood (0377G)
May 24 2017 - 2:01AM
UK Regulatory
TIDMP2P TIDMTTM
RNS Number : 0377G
MW Eaglewood Europe LLP
24 May 2017
24(th) May 2017
Pollen Street Capital and MW Eaglewood to merge, creating one of
Europe's largest investment managers focussed on specialist lending
assets
- Joint submission to manage P2P Global Investments PLC ("P2PGI") accepted by the Board
- Firms to merge to create one of Europe's largest investment
managers focussed on specialist lending assets
Following the announcement by the Board of P2PGI today, Pollen
Street Capital Limited and MW Eaglewood are delighted that their
joint submission to manage P2PGI has been accepted.
The two firms will now work with the Board to implement a
revised, more flexible investment mandate in line with the proposal
submitted to the Board during the investment management arrangement
review.
As set forth in the Board's announcement, the two firms have
agreed in principle to merge their operations in a share for share
exchange, with Pollen Street becoming the majority shareholder of
the combined investment management group, and Marshall Wace
retaining a substantial shareholding. The merger is expected to be
completed later this year, subject to regulatory approvals.
The combination of Pollen Street Capital and MW Eaglewood is
compelling. It will create one of Europe's largest investment
managers focused on specialist lending assets. It will combine the
global reach, world class infrastructure and specialist platform
knowledge of MW Eaglewood with the relationships, track record and
industry expertise of Pollen Street Capital in a merged entity
under their overall control.
Lindsey McMurray, managing partner of Pollen Street, said: "This
is an excellent outcome - good strategic outcome for P2P Global
Investments PLC, and its shareholders. Good for both firms, and
good for the industry. The combination of Pollen Street and MW
Eaglewood is a very strong investment management entity, bringing
deep capability in investment management, risk, compliance,
analytics, technology and origination of both to the management of
P2PGI and to the emerging opportunities across the specialist
lending industry. We are looking forward to working together and
executing both the merger and a revised, more flexible
mandate."
Ian Wace, chief executive of Marshall Wace, said: "The Board of
P2PGI challenged us to come up with a strategic solution for the
management of the trust and to enhance returns. We accepted their
challenge and the result is an outcome which is truly
transformative, creating a major new industry player with deep and
market leading capability in specialist credit. I would like to
thank the Board for the huge efforts they have undertaken during
this review, and I would also like to thank shareholders whose
views have been front and centre of all of our minds throughout the
process. Bringing together two companies is always non trivial, but
when approached in the constructive way I have observed, I am
hugely excited about the future prospects for the manager and for
P2PGI shareholders in a growing market."
Simon Champ, CEO of Eaglewood Europe, said: "Since the inception
of P2PGI plc in June 2014 the market opportunity and structure for
non-bank lending has changed immeasurably. The combination of MW
Eaglewood and Pollen Street gives the manager an unparalleled
breadth of skill-set and origination sources. We strongly believe
the merger uniquely equips the manager for the future evolution of
the industry."
Contact
Boscobel & Partners - media enquiries
George Trefgarne
Charlotte Walsh
0203 642 1310
About Pollen Street Capital
Pollen Street Capital was founded in 2013 and is an independent
investment manager focused on the financial and business services
sector. Pollen Street Capital has invested over GBP1.2bn through
its private equity strategy in a range of businesses across all
stages of development and launched its first credit fund, Honeycomb
Investment Trust plc, in December 2015.
About MW Eaglewood
MW Eaglewood is a private credit asset manager specializing in
global private credit strategies with a focus on smaller ticket
lending across SME, corporate, consumer, real estate and trade
finance market. It is part of the Marshall Wace Group of affiliated
investment managers under common control, established in London in
1997. MW Eaglewood was formed in 2014 through the acquisition and
merger of two boutique investment advisors in the United Kingdom
and the United States. The company operates through its two
investment management entities, MW Eaglewood Americas LLC, an
SEC-registered investment adviser based in New York, and MW
Eaglewood Europe LLP, a London-based investment advisor authorized
by the FCA. MW Eaglewood currently manages one US fund and a
closed-ended, LSE-listed fund.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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