The finance industry briefing

The latest news, views and numbers you need to know this month

News in Numbers


P10, the holding company of investment firm P10 Holdings, has filed an application with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO).

The Texas-based firm is looking to raise up to $100m via its listing on the New York Stock Exchange (NYSE), Reuters reported.

It has hired Morgan Stanley, JP Morgan, Barclays, and UBS Investment Bank as joint bookrunners for the IPO.


Credit Suisse is set to repay an additional $400m this week to investors in insolvent supply chain finance funds linked to collapsed British financial services firm Greensill Capital.

The asset management arm of the Swiss bank said in an update that with the latest payment, the total amount of the $10.1bn line of funds returned to clients will be $6.3bn.

It also added that the further liquidation proceeds will be paid out to investors as soon as practicable in one or more instalments.


Indian wealth manager Sanctum Wealth has secured around $10.5m in investment from the investment firm The Xander Group.

The investment was made through Xander’s Singapore-based financial services arm.

Sanctum started its operations in 2016, following its takeover of Royal Bank of Scotland’s Indian private banking business.

The firm offers investments, estate planning, and real estate and private transactions to high-net-worth (HNW) individuals in India and internationally. It manages some $2.17 bn in HNW client assets.

Sanctum will leverage the new capital to strengthen its operating platform and to expand its client base.


Singapore-based crypto asset manager Cobo has raised a $40m Series B funding round from investors including DST Global, A&T Capital and IMO Ventures.

The latest round follows the firm’s $13m a Series A funding in October 2018, which was led by DHVC and China’s Wu Capital.

Cobo was founded in 2017 as a blockchain infrastructure provider and crypto wallet.


South African insurer Sanlam has divested its UK wealth division to funds managed by Oaktree Capital Management for £140m.

The transaction is expected to close in the first quarter of 2022, subject to regulatory approval.

Oaktree, which also owns IFA consolidator Ascot Lloyd, will operate the two businesses independently.

Under the terms of the agreement, Sanlam Wealth will continue to operate under its current brand through the transition period.

A new brand and identity for the division is expected to be announced in the due course.

Sanlam UK chief executive Jonathan Polin will lead the new business along with its key members of its management team.

People moves

JPMorgan appoints partner to Growth Equity Partners programme

JPMorgan Private Capital has hired Luke Sikora as a partner of its Growth Equity Partners platform.

Sikora will also serve as a member of the Investment Committee and help lead the platform’s investing efforts on the West Coast of the US.

He joins from Vulcan Capital where he spent the past eight years investing in and being a long-term partner to private, rapidly growing private technology companies across the globe.

Previous investments include Alibaba, Dataminr, Emotive, Flipkart, Grab, Intercom, Loft, MaintainX, Nelogica, Neon, Signal Sciences, Spotify, TraceLink, Uber Wildlife Studios, and Zuora.

“Luke brings years of growth equity investing experience across the consumer technology and enterprise software sectors,” said Christopher Dawe, Managing Partner and Head of Growth Equity Partners at J.P. Morgan Private Capital. “I’ve had the privilege of co-investing with Luke over the past decade. He is an exceptional investor and brings with him a shared sense of cultural values. We are thrilled to have him join the Growth Equity Partners team.”

Growth Equity partners was established as part of JP Morgan Private Capital in June 2021 to utilise the growth of private markets and significant pre-IPO value creation opportunities.

BNP Paribas AM appoints new global head for multi-asset business

BNP Paribas Asset Management (BNP Paribas AM) has named Maya Bhandari as its new global head of multi-asset, effective 1 November 2021.

Bhandari, who will be based in London, will work under BNP Paribas AM Multi-Asset, Quantitative & Solutions CIO Denis Panel.

In her new role, Bhandari will focus on boosting the division’s investment process and delivering consistent returns for clients.

She will also contribute to the firm’s thought leadership and fundamental research.

Fidelity hires top executive from BMO to lead $4.1 trillion personal investing arm

Fidelity Investments has hired Joanna Rotenberg from BMO Financial Group to lead its $4.1 trillion Personal Investing unit, effective early November 2021.

Rotenberg will succeed Kathy Murphy, who will step down from the role before the year-end. She will report to Fidelity chairman and CEO Abigail Johnson.

She will also be a part of Fidelity Operating Committee.

Commenting on the new appointment, Johnson said: “Joanna brings to Fidelity a forward thinking, results-driven approach and a passion for the digital experience.

“She will help us accelerate our digital operating model for the benefit of current clients as well as the next generation of Fidelity customers.”

Since 2016, Rotenberg was the group head of BMO’s wealth management division and was part of the company’s executive committee since joining in 2010.

She spearheaded the digitisation efforts at BMO, including revamping the online investing platform for the bank’s direct channel.

Natixis appoints new Green & Sustainable Hub head

Natixis Corporate & Investment banking has appointed Olivier Menard as new head of its Green & Sustainable Hub in Asia Pacific.

Based in Hong Kong, Menard reports to head of Investment Banking, Asia Pacific, Raghu Narain and internationally to global head of Green & Sustainable Finance, Orith Azoulay.

The appointment is part of the company’s strategy to become its clients’ preferred banking partner for energy transition.

Asia Pacific is a main priority in this strategy and Menard will handle activities to provide issuer and investor clients in the region with green and sustainable finance expertise.


Abrdn offloads 5% stake in India’s HDFC AMC

British investment manager Abrdn, formerly known as Standard Life Aberdeen, has sold a 5% stake in India-based HDFC Asset Management Company (HDFC AMC).

Standard Life Investments (SLI), Abrdn’s wholly-owned subsidiary, sold the shares on the National Stock Exchange of India and the Bombay Stock Exchange.

The shares were sold at an average price of £26.68 (INR2,873.79).

SLI received around £268m (INR27,019m) from the sale, which it will use for general corporate purposes.

Following the sale, SLI’s holdings in HDFC AMC has come down to 16.22%.

Based on the current share price of INR 2,915.403, the value of its remaining shareholding is approximately £1.0bn (INR101bn).

British Ports Association chief executive Richard Ballantyne, following UK Chancellor Rishi Sunak’s announcement that the Freeports selection process will see the first sites in England set up by the end of 2021:

“This is a welcome development and by being more inclusive in terms of the number of freeports there might be, the government can now explore how to better deliver on its levelling up agenda without picking regions over each other. Coastal communities are often in areas of high deprivation and have also experienced challenges resulting from the coronavirus pandemic and lockdown so this potentially transformative policy will be welcomed across a range of suitable locations.”

TA Associates to back multi-family office Caprock

Private equity firm TA Associates has signed a definitive agreement to make a strategic growth investment in multi-family office Caprock, which oversees $7.5bn in client assets.

Financial terms of the deal were not disclosed.

Established in 2005, Caprock advises on over provides customised wealth solutions for ultra-high-net-worth (UHNW) individuals, families and select foundations.

The firm also specialises in impact investing and has deployed over $1.5bn in impact-oriented capital across all asset classes.

It has offices in San Jose, Seattle, Newport Beach, New York, Park City and Boise.

Cresset to buy multi-family office Berman Capital Advisors

US-based boutique multi-family office Cresset Asset Management has agreed to acquire Berman Capital Advisors, which manages $4.7 bn in assets for clients.

The transaction, whose financial terms are undisclosed, is expected to conclude on 30 September 2021.

Founded in 2010, Berman is an independent multi-family office that operates in Atlanta and Austin. The firm provides personalised wealth management and family office services.

The deal will make Cresset a $20bin multi-family office with a presence in 11 US markets. It will also significantly expand the firm’s existing team in Atlanta.

Under the agreement, Berman’s team of 33 employees will join Cresset.

Mercer Advisors expands US footprint with Miller Advisors acquisition

RIA aggregator Mercer Global Advisors has acquired Washington-based wealth management firm Miller Advisors for an undisclosed amount.

The acquired entity brings approximately 200 clients and around $240m assets under management (AuM) to Mercer Advisors.

It offers wealth management services to its high-net-worth (HNW) individuals, families, and their businesses, in addition to providing planning for divorcing couples.

Miller Advisors president and CEO Kathleen Miller said: “Our clients are at the foundation of what we do and who we are as a firm. Finding a partner with a similar mission of putting clients first and offering lifecycle planning using financial planning principles was essential to us.”

Miller Advisors managing partner Nicole Miller added: “With this partnership, we have the opportunity to collaborate with a network of advisors around the country while maintaining our personalised approach with our clients.”

As part of the deal, the entire Miller team will join Mercer Advisors.

Commenting on the deal, Mercer Advisors CEO Dave Welling noted: “This is the ninth women-led firm we have partnered with and they represent the type of talent we seek to add to our team.

Shard Capital to expand to Ireland with stake purchase in Omnium

Shard Capital has agreed to buy a 50% stake in the Dublin-based investment platform Omnium, which caters to Irish financial advisers.

The transaction, whose financial terms were not disclosed, is subject to regulatory approval of the Central Bank of Ireland.

The deal marks London-headquartered Shard Capital’s entry into the Irish market.

It will help the firm enter new markets with a regulated entity to support its expansion within Ireland and the European Union.

Shard Capital CEO Toby Raincock said: “Shard Capital and Omnium are both client-focussed, solutions-led businesses and our combined entrepreneurial spirit and agility will ensure we are well-placed to create innovative solutions for clients.

“Shard and Omnium’s partnership represents a fantastic opportunity for expansion for both organisations and provides us with the ideal platform to expand our offering across both Ireland and the EU27.”