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21 December 2001
AMIC has invested C$10,550,000
in acquiring the share capital of InterUnion Asset Management
Limited (‘IUAM’), the Toronto based holding
company for three Canadian asset management firms. Following
the acquisition InterUnion will be renamed AMIC Canada
Limited and will be a 100% owned subsidiary of AMIC.
The acquisition will be the first
investment AMIC has made in Canada and will bring with
it personnel experienced in investment in the asset management
sector, at a time when the flow of situations coming before
the group is strong, particularly in North America. It
is intended that certain group functions, including the
monitoring and analysis of the financial and investment
management performance information received from companies
in which AMIC is invested, will be performed from the
office of AMIC Canada Limited in Toronto, and it is anticipated
that these functions will become increasingly important
as the investment portfolio continues to grow.
IUAM currently has controlling
interests in three asset management firms, namely P.J.
Doherty & Associates, located in Ottawa, and Leon
Frazer & Associates and Guardian Timing Services,
both located in Toronto. The principal business of these
affiliated companies is discretionary and advisory portfolio
management and together they have assets under management
of approximately C$1.3 billion.
Following the acquisition Selwyn
J. Kletz and J. Russell Lindsay, President and Chief Executive
Officer and Executive Vice-President and Chief Financial
Officer respectively of IUAM, will be appointed to the
same positions with AMIC Canada Limited. George Robb,
Managing Director of AMIC, will be Chairman and John Spurdle,
the executive Director of AMIC responsible for the business
of the group in North America, will be a Director.
George Robb said: ‘We regard
the acquisition of IUAM as an important step in the development
of AMIC. This is the first investment by AMIC in Canada,
an area where there is a significant independent asset
management industry in which there are opportunities for
further group investment. With it AMIC acquires experienced
personnel at a time when the business of the group is
expanding rapidly, and we are confident that Selwyn Kletz
and Russ Lindsay and their colleagues will have an important
role to play in the continuing development of the group’.
Selwyn Kletz said “We are
delighted to become part of the AMIC group of companies,
and anticipate that the clients of our respective investee
companies will ultimately be the major beneficiaries of
this acquisition by providing a wider array of international
relationships to our portfolio managers in Canada. We
have been very impressed by the congruence of our respective
business strategies and look forward to working closely
with George and his team as we substantially broaden our
investment activity in North America”.
For further information please
contact:
George Robb Asset Management Investment
Company PLC 020 7329 1290
grobb@amicplc.com
Selwyn Kletz InterUnion Asset Management
Limited 001 416 366 7878
kletz@iuam.net
28
November 2001
AMIC announces Preliminary Results for the year ended
30 September 2001.
12 November 2001
AMIC has been instrumental in the establishment of AMIC
Distribution Partners Inc (‘ADPI’) to provide specialised
sales and support services in the managed account, institutional
and mutual fund markets. George Robb, Managing Director
of AMIC, said: ‘This important evolution in the support
given by AMIC to our investee companies offers new services
to accelerate the growth of their assets under management,
adding value to these companies and creating value for
AMIC shareholders. This is a significant step forward
for AMIC’.
AMIC will own 46% of the equity of ADPI. A further 14%
will be owned by Valenzuela Capital Partners Inc, New
York, in which AMIC has a 20% investment and the balance
by a trust on behalf of management.
ADPI’s national sales and marketing team for the managed
account program is overseen by Dennis Bertrum, a recognised
leader in the development of the broker consults programs
over the last twenty years. ‘ADPI offers access to wrap
programs, a nationwide marketing team and a full complement
of back office support. By applying these capabilities
across multiple managers we provide our associated companies
and other clients with top quality professionals at maximum
cost efficiency’, said Mr Bertrum.
‘This is a new and exciting chapter in the development
of AMIC’, said John W Spurdle, President of Asset Management
Investment Company Inc, the United States subsidiary of
AMIC, and Chairman of ADPI. ‘We are pleased to offer our
current and future investee companies, and other clients
of ADPI, an experienced sales and marketing team to assist
in moving the development of their businesses forward.
ADPI is an important illustration of the long-term commitment
by AMIC to the success of the businesses in which we invest.’
For further information please contact:
George Robb Asset Management Investment Company PLC 020
7329 1290
John Spurdle Asset Management Investment Company Inc 001
212 644 4858
17 August 2001
Asset Management Investment Company PLC (‘AMIC’), the
specialist investment company in the global asset management
sector, announce the disposal of their entire shareholding
in Ely Fund Managers (Holdings) Limited, the London-based
private client fund manager. The identity of the purchaser
and the amount of the consideration are not being disclosed.
The disposal has added 9.08p to the net asset value per
share of AMIC.
For further information please contact:
George Robb Tel 020 7329 1290
Managing Director, AMIC Email grobb@amicplc.com
Alessio Corbo Tel 020 7329 1292
General Manager, AMIC Email acorbo@amicplc.com
18 June 2001
AMIC has invested $5 million in International Foreign
Exchange Concepts, Inc (‘FX Concepts’) by the subscription
for a convertible promissory note due 31 May 2011, providing
annual payments linked to the gross revenue of FX Concepts
and convertible into 25% of the equity of FX Concepts.
FX Concepts is an investment management and research firm
that focuses on foreign exchange and interest rates. The
company has approximately $3.7 billion under management
in currency overlay and currency investment programs for
institutional clients. FX Concepts is headquartered in
New York with subsidiaries in Sydney, Paris and a representative
office in Dubai and was established in 1981 by its current
Chairman John R Taylor. The financing will be used by
FX Concepts for business expansion, including strengthening
their research and marketing capabilities.
4 April 2001
AMIC announces the sale of its investment in Thornhill
Holdings Limited.
12 February 2001
AMIC has invested £2,000,000 in Intergrated Asset Management
via the subscription for a 12% unsececured loan stock
due 2006 ,with conversion rights into 1,176,470 shares.
6 February 2001
AMIC has invested $5 million in Valenzuela Capital Partners
LLC (‘VCP’) by the subscription for a convertible promissory
note due 1 February 2011, providing annual payments of
revenue linked to the gross revenue of VCP with a minimum
annual payment of $500,000 and convertible into 20% of
the equity of VCP.
VCP is based in New York and has approximately $1 billion
under management, primarily in tax-exempt institutional
accounts. The company adopts a value approach and specialises
in small-cap and mid-cap stocks. It was established in
1989 by its current President, Thomas M. Valenzuela. The
financing will be used by VCP for business expansion,
including strengthening their research, investment management,
marketing and administration personnel and systems upgrading.
George Robb, Managing Director of AMIC, said: ‘We are
very pleased to be supporting VCP in providing resources
for the development of its business. VCP is a well established,
soundly based firm with specialised skills in the attractive
small-cap and mid-cap sectors. The business has a credible
development plan and I am confident that AMIC is making
an investment which will be successful in terms of both
capital and revenue’.
Tom Valenzuela, President of VCP, said: ‘We are very happy
to be associated with AMIC, and are confident that the
relationship will prove mutually beneficial. We are confident
that we have acquired an outside shareholder who is supportive,
long-term and experienced in understanding the dynamics
of an asset management business’.
Following completion of the investment John Spurdle, director
of AMIC and president of Asset Management Investment Company
Inc, the New York based United States subsidiary of AMIC,
has joined the advisory board of VCP.
For further information please contact:
George Robb Asset Management Investment Company PLC
020 7329 1290
grobb@amicplc.com
John Spurdle Asset Management Investment Company Inc
001 212 644 4858
jspurdle@amicinc.com
Tom Valenzuela Valenzuela Capital Partners LLC
001 212 332 8590
tvalenzuela@valpartners.com
30 November 2000
AMIC today announces its Preliminary Results for the year
ended 30 September 2000.
Highlights compared with the same period in the
previous year
-Total revenue increased by 86%
-Revenue return per ordinary share increased by 131%
-Dividend incresead by 56%
-Undiluted net asset value per ordinary share increased
by 33%
-----------------------------2000---------1999
Profit after tax
& minority interest--------1,207,753------522,684
Undiluted net
Asset value net------------186.10p--------139.80p
Ordinary share
Final Dividend---------------5.00p----------3.50p
For futher information,please click on for 'Preliminary
results 2000 bolow
13 November 2000
Appointment of Director
AMIC today announces that Mr John W.Spurdle Jnr
has been appointed as an executive director of the company
with effect from Monday 13 November 2000.
14 September 2000
AMIC announces the raising of £31m via a placing of 10m
new ordinary shares at 186p and a rights issue of 2.32
zero dividend preference shares at 127 1/2, together with
a fixed bank loan of £10m.
For further information please click on 'for Placing &
Offer document, 14 September 2000' below.
1 August 2000
AMIC announced the addition of a new investment to its
portfolio with the subscription of £280,000 for ordinary
shares and £1,600,000 for 10% convertible preference shares
in Turnstone Holdings Limited.
Turnstone Holdings is the holding company of Nevile Merriam
Investment Management Limited. This company was formerly
Granville Baird Wealth Management Limited, the private
client business of Granville Baird Limited and has been
renamed following a management buy out.
Nevile Merriam Investment Management, which has £175 million
under management, is headed by Andrew Merriam, Executive
Chairman, and Chris Nevile, Managing Director and provides
investment management services to private individuals,
self-administered pension schemes, charities and trusts.
Following the participation of AMIC in the management
buy out George Robb, Managing Director of AMIC, has joined
the board of Turnstone Holdings.
George Robb said 'We are very pleased to have been invited
to become shareholders in Turnstone Holdings and to be
able to support Nevile Merriam Investment Management.
This is a well-established, sound investment management
business which I am confident will have a successful future
in an attractive sector of the asset management industry'.
Andrew Merriam, Executive Chairman of Turnstone Holdings,
said 'We are very grateful to AMIC for supporting us in
our management buy out and are delighted that George Robb
has joined our holding company board; George has a wealth
of experience in our industry. Prospects have seldom been
better for our sector of the industry and we are determined
that our blend of traditional service with modern delivery
will stand us in good stead'.
1 August 2000
AMIC made the following announcement to The Stock Exchange:
Asset Management Investment Company PLC announces that
following a comprehensive revaluation of the company's
unquoted investment portfolio the Net Asset Value as at
close of business on 31 July 2000 was:
Undiluted Net Asset Value: 193.12p
Fully diluted Net Asset Value: 183.50p
This represents an increase in the undiluted Net Asset
Value of 33.28p on the undiluted Net Asset Value of 159.84p
prior to the revaluation and an increase of 53.32p on
the undiluted Net Asset Value of 139.80p as reported in
the Annual Report for the year to 30 September 1999.
The Company is having a year of strong growth in both
capital and revenue, with positive contributions being
received from most investments in the portfolio.
28 July 2000
AMIC has acquired a further 4000 ordinary shares in Thornhill
Holdings Limited and now holds ordinary shares and a convertible
loan stock giving an ultimate interest in 31.4% of the
equity of Thornhill.
19 July 2000
AMIC has obtained an overdraft facility of £3 million
from the Bank of Scotland. The company intends to use
the facility for short term finance requirements for investment
and general working capital purposes.
24 June 2000
The AMIC group has subscribed for 27,500 ordinary shares
in Ely Fund Managers Limited ('Ely') through their participation
in the financing of the acquisition by Ely of Independent
Investment Management Limited, a London-based investment
management firm with approximately £130 million under
management, of which around half is represented by charities
and the remainder by private clients and pension funds.
The combined group now manages in excess of £530 million.
The AMIC group now holds a total of 158,480 ordinary shares
representing 25.57% of the issued ordinary shares capital
of Ely.
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