Guinness Global Investors is acquiring Foresight Group’s public markets division in a deal that diversifies the fund manager into the listed real assets sector.
Guinness Global is investing an unspecified sum to acquire Foresight Capital Management (FCM), which includes seven strategies across real assets and sustainable and impact funds.
In total, the transferring FCM funds account for approximately £1bn (€1.2bn) in assets under management.
The transaction involves FCM’s listed real assets team joining Guinness Global’s real assets arm under Mark Brennan, who co-developed and managed the FCM strategies before joining Guinness. FCM partner and head Nick Scullion is staying with parent group Foresight.
The funds moving to Guinness Global from FCM are FP Foresight Global Real Infrastructure, FP Foresight UK Infrastructure Income, FP Foresight Sustainable Real Estate Securities, Foresight Global Real Infrastructure Lux, Cromwell Foresight Global Infrastructure and FP Foresight Diversified Real Assets.
FCM’s sustainable and impact strategies, including the FP WHEB Sustainability Impact, WHEB Sustainable Impact ICAV, WHEB Environmental Impact ICAV, FP Foresight Sustainable Future Themes and Pengana WHEB Environmental Impact funds will also move over to Guinness Global.
The newly acquired funds will complement Guinness Global’s current product suite, which includes equity income, growth, energy, real assets and fixed income funds.
Edward Guinness, CEO of Guinness Global Investors, said: “The diversification that listed real assets offer is as important as ever in today’s markets. Reuniting Mark Brennan with the funds he launched at FCM is a great opportunity to build our real assets franchise.”
Brennan, portfolio manager at Guinness Global Investors, said: “Bringing the real assets strategies and team to Guinness accelerates our growth plans, giving us further scale and a larger investment team.”
Eric Bright and Mayank Markanday, portfolio managers at FCM, said: “Guinness will provide our listed real assets teams with a great platform for growth. Partnering with Guinness and Mark is a natural fit as we seek to expand our capabilities.”
Ted Franks, portfolio manager of the impact strategies at Foresight Group, said: “We have long admired the Guinness rigour in investment process and research, with its expertise in areas that are adjacent to our strategies. The combined investment team brings greater scale and I am excited for the challenge.”
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