UK MORTGAGES LIMITED
(a closed-ended investment company incorporated with limited liability under the laws of
Guernsey with registered number 60440)
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.
Northern Trust International Fund Administration Services (Guernsey) Limited
Tel: 01481 745001