Conning is to acquire a 45 per cent stake in Global Evolution, a specialist investment manager of emerging and frontier market debt strategies. The transaction is expected to close in early 2018, subject to customary regulatory approvals and closing conditions.
“We are very pleased to welcome Conning as a new shareholder in Global Evolution. This is a significant milestone in our firm’s development – one that recognises the strength of our business and emphasises our reputation as a leader in emerging and frontier markets,” says Søren Rump, Chief Executive Officer of Global Evolution. “Conning is the ideal strategic partner and has made a significant commitment of resources, including enhanced global distribution and capital, that accelerates our growth and enhances the experience for our clients.”
Following the closing, Global Evolution will continue to operate as an independent boutique and founders Søren Rump and Morten Bugge will continue as CEO and CIO, respectively. Employees will continue to hold a majority ownership interest in the firm, with Conning increasing its position in Global Evolution over time through a series of staged investments designed to provide complete stability for the business, and continuity in service and performance for clients.
“Emerging market debt is increasingly being accepted as a strategic asset class for investors globally, and given this trend we are pleased to be able to provide Global Evolution’s world-class investment expertise to our clients,” says Woody Bradford (pictured), Chairman and Chief Executive Officer of Conning. “We look forward to working with Søren, Morten and the Global Evolution team as we build our business, serve clients, and pursue new opportunities together.”
“This transaction is beneficial to our clients, employees and business. With the support of Conning’s resources, Global Evolution is well positioned to accelerate innovation in emerging and frontier market investing,” says Morten Bugge, Chief Investment Officer of Global Evolution. “This transaction ensures that the investment team can focus on what is most important, namely delivering high quality emerging and frontier market products to investors.”
Magnusson Denmark Advokatpartnerselskab served as legal advisor to Conning on this transaction. Spencer House Partners LLP served as financial advisor and Kromann Reumert served as legal advisor to Global Evolution.
