Foresight Capital Management
Natural Capital
3 minutes
28/01/2025
Foresight adds over £800m to Group AUM
Foresight Group acquires the trade and assets of WHEB Asset Management and is appointed as sub-investment manager and sub-distributor for the Liontrust Diversified Real Assets Fund.
Foresight Group Holdings Limited ("Foresight", the "Group") is pleased to announce the:
- Acquisition of the trade and assets of WHEB Asset Management LLP ("WHEB")
- Appointment as sub-investment manager and sub-distributor for the Liontrust Diversified Real Assets Fund
- Raising of new additional institutional funds into Foresight Natural Capital Ltd ("FNC")
Combined, this activity has increased Group Assets Under Management ("AUM") by over £800 million, primarily driven by the acquisition of WHEB.
1. Acquisition of the trade and assets of WHEB
Headquartered in London, WHEB is a leader in impact investing, managing a single global mid-cap equity strategy that invests in listed companies whose products and services provide solutions to key sustainability challenges. WHEB's key employees, including the management team, will join Foresight and be integrated into the Foresight Capital Management ("FCM") division. The fund manager and investment team will retain their existing responsibilities and continue to be based in London. The acquisition will reinforce FCM's position as a leader in impact investing in public markets, represents FCM's entry to the Australian market via WHEB's joint venture with Pengana Capital Group, unlocks distribution synergies, and supports product and customer diversification of the division.
The acquisition is anticipated to be immediately accretive to core EBITDA pre SBP. The acquisition is structured with 50% upfront consideration, 50% deferred consideration and a management performance entitlement payable in cash over a three-year period, subject to certain performance targets. The acquisition is structured to align incentives and will be funded from existing cash resources, with completion expected in the first half of 2025.
2. Appointment as sub-investment manager and sub-distributor for the Liontrust Diversified Real Assets Fund
On 27 January 2025, Foresight was appointed sub-investment manager and sub-distributor for the Liontrust Diversified Real Assets fund. This appointment will become effective on 3 February 2025, with the fund manager retaining his existing responsibilities and joining Foresight's FCM division, bringing 18 years' investment management experience. The Fund is expected to benefit from Foresight's distribution and investment capabilities over time.
3. Fundraising in Foresight Natural Capital Ltd
FNC raised additional capital from two UK local government pension schemes which doubles their existing positions. The new investment will be used to expand the investment pipeline and provides a strong platform ahead of the launch of our forthcoming European natural capital strategy.
Bernard Fairman, Executive Chairman of Foresight Group Holdings Limited, commented:
"We continue to pursue opportunities to support business growth, and today's announcement is a prime example of our proactive management.
The FCM transactions further diversify our product offerings, bring significant investment experience and add scale to the division. We are also pleased to see continued demand from institutional investors as we look to leverage our substantial sector experience for our forthcoming European natural capital strategy. In combination with recent retail fundraising, as well as positive foreign exchange movements, this represents a strong start to 2025.
We reiterate our guidance to double core profitability over the five years to FY29."
To read the full RNS, please click here.
For more information, please contact:
Foresight Group Investors
Liz Scorer / Ben McGrory
+44 (0) 7966 966956 / +44 (0) 7443 821577
H-Advisors Maitland
Sam Cartwright / Genevieve Ryan
+44 (0) 782 725 4561 / +44 (0) 781 710 5562
