TwentyFour Asset Management LLP, managers of TwentyFour Income Fund and TwentyFour Select Monthly Income, has announced that Vontobel is taking a 60% stake in it.
“Vontobel will acquire a 60% shareholding in TwentyFour, with the working partners retaining a 40% stake in the business. The partners remain fully committed to TwentyFour with long-term lock-ins. The Investment Manager will remain autonomous, run by its partners, with full control over day-to-day business decisions. TwentyFour’s investment strategies will continue to be managed by the existing team, retaining the same investment process. To further strengthen alignment, the partners of TwentyFour have agreed to reinvest a significant share of their consideration into existing TwentyFour funds“. Though whether that includes the two investment companies, we aren’t sure.
TFIF / SMIF : Vontobel takes control of TwentyFour Asset Management