Specialist alternative asset manager Gresham House has acquired Appian Asset Management for an intitial consideration of €4.55m.
Based in the Republic of Ireland, Appian is an active asset manager with €330m in assets under management across a range of asset classes including equities, property, infrastructure and forestry.
Gresham House, which manages £3.3bn (€3.61bn) of assets, said Appian’s funds would complement those offered by Gresham House.
It cited as an example Appian’s planned social housing fund in Ireland and Gresham House’s Residential Secure Income fund, which is to be launched in 2021, targeting shared-ownership housing and increasing the supply of affordable homes.
Patrick Lawless, CEO of Appian, will stay on as managing director of Gresham House Ireland and join the board of Gresham House Asset Management.
Anthony Dalwood, CEO of Gresham House, said: “The opportunity to build Gresham House further internationally through establishing a regulated platform in Ireland will allow us to grow our specialist asset management capabilities both in Ireland and the EU.
“Appian, and its ambitions to increase its presence in alternative asset classes, will be complementary to our existing forestry portfolio and growth strategy in Ireland.
“I am excited about working with Patrick, his talented team and extensive network, bringing the Gresham House strategies to the Appian client base alongside other Irish and European institutional investors.”
Lawless said: “This is the start of an exciting new chapter for Appian and I am confident that our shared values and complementary capabilities will drive further opportunities for growth and expansion.
“As part of Gresham House, I believe that we will be able to provide new and existing clients with exciting new investment opportunities and enhancements to our online client service offering.”