UK MORTGAGES
LIMITED
(a closed-ended investment company
incorporated with limited liability under the laws of
Guernsey with registered number
60440)
LEI: 549300388LT7VTHCIT59
Change in
ownership of Portfolio Manager
The Board of UK Mortgages Limited (“the Company”) are pleased to
provide information about a transaction (of which the Company has
been notified), in respect of the ownership of the Portfolio
Manager - TwentyFour Asset Management, which manages the assets of
the Company.
In the spring of 2015, the partners of TwentyFour Asset
Management (TwentyFour) sold a 60% stake in its business to
Vontobel Asset Management (Vontobel), the purpose of which, the
Company understands, was to help bring the products of TwentyFour
Asset Management to a global buyer base. The Company was
notified at the time that it was the intention of Vontobel to
acquire the remaining 40% stake in TwentyFour in two tranches in
2021 and 2023.
We understand that the parties agreed to bring this transaction
forward, and the Company has been notified that the entire
sale was completed in a single transfer on 30 June 2021.
The Board of the Company are supportive of this change in
ownership, which was due to take effect in 2023, being accelerated
and taking effect in 2021.
The Company has been assured that TwentyFour will remain
operationally independent and will continue to service its clients
from offices in London and
New York. The Company has been
informed that the senior management team and portfolio management
teams at TwentyFour remain unchanged, and long term incentive plans
for key people are in place. The Company understands that
both parties were of the view, that given the success of the
relationship, bringing the transaction forward would give clients,
such as the Company, clarity and would ensure focus remained on
delivering outstanding performance and client service for the long
term.
Enquiries:
Northern Trust International Fund Administration Services
(Guernsey) Limited
Company Secretary
Tel: 01481 745001