RWC Partners to acquire Clapp’s Pensato Capital
Former Fidelity European star fund manager Graham Clapp’s Pensato Capital is to be acquired by with RWC Partners.
RWC Partners announced earlier today that that it is acquiring Pensato Capital, the investment manager majority-owned by well-known European fund manager Graham Clapp.
Clapp established Pensato in 2008 having spent 22 years at Fidelity where he was manager of the €25bn European Growth fund.
Edward Rumble and Russell Champion, who also worked with Graham at Fidelity, are senior members of the seven-person investment team and will also join RWC as part of the deal, RWC said in a statement announcing its plans.
Pensato’s funds and seven-strong investment team will move across to RWC as part of the deal, the will give RWC a boost to its European offering. The latter only has one European equity-focused strategy at the moment: the £109m absolute return fund managed by Ajay Ghambir.
Pensato manages approximately US$280m in both long/short and long-only European equity funds.
RWC manages approximately US$11.2bn across a small number of investment strategies and has seen significant growth over the last four years.
Clapp, (pictured above left), said: “It is critical to me and my team that we spend our time analysing companies and I really like the focus RWC has on creating the right environment for its investment teams.
“We have built on the process I developed during my time at Fidelity and by joining with RWC we have the opportunity to work within a broader organisation that offers the resources and diversification that will help us to develop our strategies and focus purely on generating performance for our investors.
Mannix, (pictured left), said: “Graham has established himself over the last 25 years as one of the great stock pickers in Europe.
“He and his team have established a world-class European equity capability which builds on his distinguished career at Fidelity.
“We believe that there remains a real demand for exceptional investment teams who are providing something different for investors and we see the competitive environment improving as barriers to entry rise and larger organisation increasingly put the squeeze on their investment teams.”