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(Bloomberg) — Great-West Lifeco Inc. is merging its European asset management units to set up a money manager headquartered in the City of London.
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The new business, Keyridge Asset Management, will combine the European divisions of Canada Life Asset Management, Setanta Asset Management and Irish Life Investment Managers, according to a statement on Tuesday. The enlarged entity will oversee more than £135 billion ($178 billion) in assets and continue to cater to institutional investors offering products including multi-asset, fundamental equities and systematic quant funds.
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Keyridge ultimately seeks to have a third of its sales in the UK, with the other two thirds equally split between North American and European markets, Keyridge Chief Executive Officer Patrick Burke said in an interview. The executive is leading a team of 300 staffers and said he plans to hire more senior investment professionals to join the UK team over the coming months. The business will be headquartered in London’s biggest office building at 22 Bishopsgate.
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Great-West Lifeco is backed by Canada’s billionaire Desmarais family, which has been looking to shift into higher-growth areas of financial services while shedding some legacy assets.
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Keyridge faces fierce competition in the UK, the world’s second-largest investment management hub after the US. Still, many traditional stockpickers including Aberdeen Group Plc and Jupiter Fund Management Plc have suffered consecutive years of outflows amid the rise of cheaper, passively managed funds and a relatively high fixed cost base.
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“There’s been a lot of turnover in UK asset management,” said Burke. “There are people who know their stuff and are looking for growth opportunities. Not every business is in a growth mode — and we’re very much in a growth mode.”
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